When we think about data privacy trends, many of us immediately focus on the regulations that are already in place. While existing laws continue to evolve at a growing pace, there are 4 key factors that contribute to the ever-changing landscape.
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Even companies that follow legislation trends very closely might be surprised to learn that the rules have changed, even if the formal laws haven’t. Here are the 4 factors influencing data privacy trends, and 1 solution that will make sure you never get caught off guard.
Political changes can be sudden and impactful when it comes to data privacy trends. Even transformations that we could have seen coming from miles away, may have unpredictable results.
Some of the more recent examples include the UK’s departure from GDPR following Brexit, and the influence of the latest US elections on data regulations in that country and beyond. And while these are changes companies were able to plan for, at least to some extent, other geopolitical developments may leave far less time to adjust, especially for large corporations.
One vertical that never stands still is technology. We know, because we’re part of it. The industry that paves the way, also creates a few data processing challenges for businesses. Artificial Intelligence (AI), for example, is a trending technology that relies on data, and may not follow data privacy trends, if not implemented correctly. The Harvard Business Review asked companies if their privacy governance is ready for AI – and that is a question worth investigating.
We’ve recently heard that Axel Voss, who is considered one of the “fathers of GDPR”, wants to make significant changes to the law, to deal with technological innovations, such as AI and blockchain. We can safely assume that new tech solutions will continue to change how we approach data privacy, and companies will have little time to adjust. No business wants to choose between the risk of lagging technologically, and the danger of non-compliance with the latest data privacy trends.
The most unpredictable, strict, and fast regulator is the public. Companies may be in full compliance with local laws, but find themselves facing harsh consumer criticism, and backlash, over their data processing conduct.
As online privacy scandals continue to make headlines, and the average consumer becomes more sophisticated and demanding, businesses may very well end up making quick adjustments to meet customer standards, rather than state regulations.
Industry-leading companies sometimes have just as much power as legislators. When Apple threatens to ban companies that fail to meet its privacy requirements, for example, companies must follow suit. These changes can be immediate, and non-compliance results might be more painful than any fine. We’ve seen leading companies take a stance on data privacy trends more than once. Google recently canceled third-party cookies, Amazon and Microsoft testified in support of VCDPA compliance, and more. The market seems to be self-regulating, and this trend is only set to increase.
Facing the data privacy trends
Not all data privacy trends are enacted into legislation as soon as they are conceptualized, and enterprises generally take a very long time to adapt. When their current data operations are based on legacy systems, manual processing, and fragmented data scattered across several data stores – things get even worse.
If this sounds alarmingly familiar, please know that the solution is very simple: don’t wait. Implement an operational data fabric that keeps you in control, all the time. When your business operates at a large scale, your data processing capabilities must be adaptable enough to bridge the gap. The GDPR and CCPA compliance software you embrace today will save you, and your customers, from the sudden data privacy trends of tomorrow.