Data privacy and cybersecurity are two mutually exclusive and parallel ideas. The more you keep your data private, the more your cyberspace is secure from external attacks. This is a typical scenario for individuals, but what about businesses? How do businesses handle data privacy and cybersecurity?
Businesses must be online every day, putting themselves at risk daily. There must be an exchange of information across many systems, which increases the risk of getting breached. Hence it is no surprise that businesses do what they need to do – after all, they have to protect themselves and make a profit.
Trying to protect and do business will surely usher in changes or trends, and these changes (not all accommodating) will help maintain a distance between security and breaches. Below are some important data privacy trends that will impact your cybersecurity:
Third-party risk management (TPRM) is more crucial than ever, with escalating cyber risks, supply chain interruptions, and more regulatory enforcement. The average firm exchanges data with over 580 third-party vendors and 59% of organizations have experienced a data breach triggered by third-party data sharing.
With numerous major companies being found wanting through this trap, it is a surprise many businesses are still falling for it. This might occur because of a lack of awareness about the number of third parties who have access to their data or a refusal to insert a solid third-party risk management program into the company’s cybersecurity budget. A well-designed data governance plan and data mapping exercise may give insight into effective strategy development on third-party policies.
A refusal to adopt these induces a vulnerability to third-party data breaches, which can, in turn, attract fines, litigation, and reputational harm. The world will experience increased investment in flexible and adaptive third-party risk management strategies in the coming years. That is not to say there will not be high-profile breaches anymore.
Another factor to consider is the increased sophistication and frequency of cyber-attacks on vendors and suppliers. This is also prompting many businesses to reconsider their reliance on third-party vendors and reassess the efficiency of existing TPRM procedures. A key factor is this; third-party systems must be capable of engendering business growth while adhering to security rules and maintaining compliance.
As the world tries to adopt or expand its data management, rules, and privacy schemes, officials are asking more from businesses, and these requests come with rigorous guidelines. Abiding by these novel guidelines is critical for firms, and those that fail risk some legal consequences and larger fines.
The EU General Data Protection Regulation (GDPR) revisions are noteworthy since the European Commission announced new Standard Contractual Clauses in the summer of 2021 (SCCs). These are concerned with how personal data moves to countries such as Canada from the EU.
New regulations and modifications will go into effect in and beyond 2022, which means the time to comply is quickly coming to an end. Businesses should get ready by developing a strategy to examine the application of privacy laws and regulations and a timeline to ensure compliance.
With the increasing importance of first-party data, third-party cookies are becoming outdated. Companies can now acquire and bank first-party data with permission. With it, they can attract marketers that are seeking a certain demographic. As a result, publishers, major tech companies, and marketers will need to modify how they sell their content and acquire data in the future.
The world will see a push for consent-based data gathering to access first-party data. This will include the removal of cookies in favor of more transparent and consent-based data collecting.
As businesses plan systematic schedules of remote and onsite working to satisfy the need for “the future of work” and maintain office culture, monitoring the movement of confidential business data grows more difficult by the day. Ensuring that these data do not fall into the wrong hands takes on added significance.
While the numerous advantages of the hybrid culture are there for all to see, enhanced productivity and improved work-life balance, data privacy, and cybersecurity must also be taken as important as these. A good way to achieve this is to take a human-centered approach to privacy. Tracking data should be done with a clear sense of purpose and aims. Some of these goals are lessening staff burnout risk by measuring well-being risks.
All over the world, country officials, experts in IT, and data privacy agencies are getting more restrictive when it comes to the exchange of personal data. The coming years will therefore see changes and additions in limits (and, in some cases, prohibitions) on the ability to transfer personal or, in this case, citizens’ data outside of a country’s boundaries. There will likely be more state laws and regulations, and less synchronization of cross-border transfer standards for data privacy.
Having a well-designed cybersecurity system is very important, with the rising rates of cyberattacks. Haxxess specializes in solid cybersecurity setups for homes and businesses in the cybersecurity area.
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