By Guest Writer •
Published: 26 Apr 2023 • 15:12
As technology advances, the need for data privacy regulation increases. Authorities have made efforts for years to keep up with the evolving world of the internet, social media, e-commerce and smart devices because they try to protect citizens, create a safe environment for consumers, and promote competition.
The need for a safe online space grew prevalent during the pandemic because, in 2022, phishing attacks, anonymous hackers and other crypto-threats targeted individuals and small and big companies alike. Well-known organisations like Ronin and Uber were the victims of bad actors who gained access to their information. Additionally, the war between Ukraine and Russia generated great turmoil because Kremlin gremlins are using their best weapons in the cyber war against Kyiv.
At the beginning of 2023, it’s clear that organisations and individuals have to guard themselves against online assaults. It means that new ideas and approaches take life, and innovative technology will enhance the solutions designed to prevent cyberattacks and weapons online consumers use to face the present challenges.
Image source https://unsplash.com/photos/iIJrUoeRoCQ
It’s no denying that the ongoing march of AI technology across all industries will revolutionise society in the following years, but no one can tell if it’s for good or for bad. A similar prominence receives the metaverse even if not many Internet users fully understand how it functions and its implications for data privacy. Governments and organisations deal with the challenge of acting responsibly and finding a balance between protecting consumers while encouraging the development of innovative energy. There are several initiatives worldwide to develop solutions to solve data privacy issues. Still, by far, the most likely to have a major impact is legislation starting with the EU’s AI Act.
The European Commission developed a proposal on regulating AI in the AI Act and the AI Liability Directive. The discussions on the subject have been extensive, and the legislators still reflect on how to respond to the phenomena. Particular subjects still remain complex and spring debates, such as which technology should be classified as high-risk and to what extent to limit the use of biometric recognition systems and AI.
Considering that AI technology can be integrated into all life sectors and impact how users connect with technology, purchase services and goods, and operate in their workplaces, its impact must be carefully scrutinised.
In 2023 the brands that intend to remain ahead of the wave or conquer new markets need to adopt a reactive approach and prepare for the present regulatory environment because it’ll bring them a competitive advantage essential to achieving success. Forward-thinking organisations develop privacy-first strategies that prioritise their customers’ privacy ahead of their corporate needs to create an environment that promotes improved customer satisfaction, trust and supports long-term relationships. Meeting regulatory requirements safeguards organisations from breaching their clients’ security and helps them avoid being held liable for data theft. Here are some of the most remarkable data breach claims from the last years https://www.publicinterestlawyers.co.uk/data-breach-compensation/data-breach-compensation-claim-examples/.
Organisations must focus their efforts on developing a privacy culture where all departments are engaged and work actively to create a data privacy strategy that prevents:
– Revenue loss
– Data breaches
– Productivity loss
– Business disruption
– Expenses due to regulatory settlements and fines.
A privacy-first approach will gain more traction because organisations recognise that more than a regulatory obligation and paramount for enabling companies to move forward and build customer trust.
Data security specialists agree that the legislative odyssey in the online data sector will speed up in 2023. The European Data Strategy is gaining traction as new regulations are developed and a timeframe is set for their coming into effect. The multitude of regulations created in the EU (like the Data Act and Data Governance Act) – highlights that the regulation of data will go beyond securing personal information. The majority of rules focus on enhancing access to and sharing private and organisational information at all levels. The European Commission also intends to introduce new methods to protect data privacy, like the creation of data spaces. The European Health Data Space is one of the initiatives that could strengthen the continuity and quality of healthcare and guard patients’ rights in relation to their health information.
The EU will continue to develop regulations to boost cybersecurity in the following months, and companies dealing with the area need to grip the incoming legislation.
A survey from Gartner identified, as primary trends in privacy in 2023 and beyond, the public’s requirements for subject rights and expectations for transparency that trigger the necessity for a centralised privacy user experience. Forward-thinking businesses are aware of the benefits they get when they integrate all aspects of privacy UX – consent management, cookies, notices, and subject right requests into a single space. The same survey predicts that 30% of businesses addressing consumers will rely on a self-service transparency portal to offer consent and preference management.
Privacy issues and socio-political changes trigger a spike in cybersecurity risks in the supply chain. Businesses find it more difficult to protect the data and information they share with other parties joining the supply chain. Businesses can take perimeter security measures when they store the data within their internal network, but when they have to collaborate in the supply chain, they find it more challenging to control how it’s used. A report from Ponemon Institute for IBM revealed that one-fifth of the data leaks from 2022 resulted from a supply chain attack. Unfortunately, cyberattacks in the supply chain are more challenging to detect and contain than those occurring within a company.
When a company shares data with a partner, it leaves it at the mercy of the third party’s security systems, which they cannot control. It’s essential to develop protection measures for the shared data to ensure they have the same protection controls even when it’s stored outside the company’s security perimeter.
Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don't already have one. Review our
Download our media pack in either English or Spanish.