Data privacy is not a static concept. It evolves with the changing needs and expectations of consumers, businesses, and regulators. In 2023, we witnessed some major shifts in the data privacy landscape, such as the introduction of new laws and standards, the emergence of new technologies and threats, and the increased awareness and demand for strengthened data protection from the public. Even though 2024 has just begun, data privacy challenges show no signs of slowing down and organizations need to find effective ways to adapt to a changing data privacy landscape.
In this blog post, we will summarize some of the key insights from Greg Clark, Director of Product Management for Voltage Data Security™, who shared his views on the upcoming data privacy trends, best practices, and how to take privacy to the next level in several articles published during Data Privacy Week 2024.
Here are some of the main takeaways:
- Data privacy is not just about compliance. Privacy 2.0 is a new paradigm that goes beyond compliance and focuses on building data trust with customers through ethical data practices. It requires organizations to adopt a holistic approach to data governance, security, and ethics, and to align their data security strategies with their business objectives and customer expectations.
- Data privacy is not going to kill AI. Data will grow exponentially with AI, machine learning (ML) and generative AI. Using disparate methods to collect, process and manage data will no longer be enough. In today’s increasingly digitized world, a modern data privacy program needs to unify data discovery and protection to improve privacy and security postures. Only by doing so can you remediate risks and take privacy to the next level.
- Data privacy is not only a legal obligation, but also a competitive advantage. Organizations that can demonstrate their commitment to data privacy can gain customer loyalty, improved brand reputation, and market differentiation. On the other hand, those that fail to protect their data can face reputational damage, regulatory fines, and legal liabilities.
- Data privacy is not a one-size-fits-all solution. It depends on the context, purpose, and sensitivity of the data being collected, processed, and shared. Organizations need to conduct regular data audits and assessments to identify their data assets, risks, and obligations, and to implement appropriate controls and measures to safeguard their data.
- Data privacy is not a static state. It is a dynamic process that requires constant monitoring, review, and improvement. Organizations need to keep up with the evolving data privacy landscape and adapt their policies and practices accordingly. They also need to educate and empower their employees and customers on data privacy rights and responsibilities.
- Data privacy is not a solo effort. It is a collaborative endeavor that involves multiple stakeholders across the organization and beyond. Organizations need to establish clear roles and responsibilities for data privacy, and to foster a culture of data privacy across all levels and functions. They also need to engage with external partners, such as regulators, vendors, and customers, to ensure alignment and compliance on data privacy issues.
Here are the links to the full articles OpenText Cybersecurity was featured in for Data Privacy Week 2024:
- Privacy 2.0: Understanding Shifts in the Compliance Landscape
- Data Privacy Week 2024 encourages taking control of your data
- Experts Share Top Data Security and Privacy Insights for Organizations During Data Privacy Week 2024
- Data Privacy Week: Get ready for tougher regulation
- Data Privacy Day 2024: Security leaders share AI concerns
For more information on how our OpenText™ Voltage privacy-enhancing and privacy-preserving technologies can help you take privacy to the next level 2024, read this solution flyer and visit the following webpage.