Data Privacy Trends

As social media platforms, virtual assistants, and engagement tracking tools continue to collect and refine our personal data, it's only reasonable that we as consumers continue to evaluate how we think about data privacy. Many of us built our digital habits in a simpler world. Online shopping was just online shopping, social media was just a place to check in on your friends. Today, those rhythms have grown into multi-billion dollar industries where we are the product. ( invisibly.com)

1. GDPR will spark global data protection regulations

Since the launch of the European Union’s General Data Protection Regulation (GDPR, global governing bodies have either adopted or are considering legislation for more concrete personal data regulations. As of this writing, 33 states have introduced some sort of data privacy legislation, with California, Colorado, and Virginia signing those policies into law. Globally, 76% of countries have either drafted or enacted some sort of personal data privacy protection, including China, Russia, Brazil, and Australia.

2. Public awareness leads to corporate transparency

A significant motivator for those federal policies is an increased demand for corporate accountability from people like you and I. We’re beginning to recognize not only how companies collect our data but the value of that personal information and what we stand to gain from it. With that knowledge, we’ve made it clear that we expect more from the companies we support. We want clear data policies, we want only necessary information to be collected, and we want that data secured and safe from prying eyes.

3. Increased knowledge means increased data subject request

Sometimes, all you have to do is ask. A key portion of the GDPR’s policies is the right for everyday people (or “data subjects”) to submit a “data subject request” — a written request for information about what data was collected, why that data was collected, how long that data will be stored for, and more. As more people gain interest in the collection and application of their data, data subject requests, and the complaints that come with them, are sure to rise. Under EU policy, citizens are encouraged to take civil action if collectors fail to address their complaints within three months of the original filing.

4. Governing bodies will enforce more fines

Like any good rule, policies only have value when they are enforced. Since the GDPR was established in 2018, companies under EU jurisdiction have paid roughly $300 million in fines violating data protection policies. In California, organizations can be fined $7,500 per intentional violation and $2,500 per unintentional violation. These governing bodies are firmly out of the transition stage and expect their local operations to cooperate or pay the price.

5. Brands will demand more from their third-party vendors

If the last decade has taught us anything, it’s that even the most reliable companies can be subject to cybersecurity attacks. While we tend to assume those breaches occur only thanks to phishing, poor password management, or other internal vulnerabilities, third-party partners are just as much of a liability, if not more. Even the most forward-thinking brands are only as valiant as the practices of their partners. Expect to see more and more organizations examine their extended partnerships under a more watchful eye as data privacy policies continue to evolve.

6. Data-driven professionals will have to get creative

More limits and regulations mean fewer resources for marketers, developers, sales teams, and any other division reliant on data-driven customer insights. Simply put, many of the tools companies have relied on in recent years may be forced out of existence either through legislation or the court of public opinion. This shift will force data workers to revisit more traditional engagement and development processes to create a new era of audience identification strategies

7. Data graveyards will be laid to rest

Despite GDPR policies, many companies outside of the EU have huge swaths of customer data just stored away collecting digital dust. Companies didn’t have a plan for their customer data; they just knew that they wanted as much of it as they could scavenge. As regulations continue to redefine what is and isn’t acceptable data practice, what brands do with these data graveyards is of great value for their customers. Not only are these wastelands significant financial burdens for companies to structure and maintain, but they’re a blatant target for bad actors looking to steal customer data.

8. More regulations mean greater investment in privacy technology

Abiding by existing compliance standards is challenging enough on its own. The addition of growing public demand and evolving legislation creates new opportunities for privacy-based tools and services to better fit those expectations. In fact, in 2020 alone, corporate privacy budgets doubled to an average of $2.4 million annually. From better encryption and anonymization services to tools that help manage, sort, and refine existing data graveyards, the more pressure companies feel to treat their customer data with care and discretion, the more inclined they will be to develop these tools.

9. Automation services have entered chat

Specifically, there’s a very real opportunity for AI and automation across the entire data privatization market. Regardless of industry, organizations worldwide are expected to invest as much as $110 billion annually into AI by 2024. AI that automates compliance practices or automation tools that instantly anonymize customer data could remove the human element from data collection and potentially give organizations a new way to generate insights without violating personal privacy

10. Companies will have to redefine their "new normal"

We spent 2020 redefining the work experience. Now that a return to the office feels more feasible, the challenge for many organizations becomes balancing the benefits and challenges of remote and onsite office environments. These hybrid policies create a new challenge when it comes to cybersecurity—suddenly, customer data is only as secure as your weakest off-site password. The days of the network perimeter are long gone, and now it’s up to data leaders to determine how they manage compliance and productivity without sacrificing privacy.

11. The privacy job market will continue to thrive

For many organizations, data science is still a relatively new field. Companies already struggle to find engineers and developers who are ready and eager to dive into data and understand its capabilities; finding privacy-oriented data professionals adds an entirely new layer of consideration and complication to those qualifications. Until organizations can fill those gaps, they’ll have to rely on new privacy-centric training practices for existing employees

12. Organizational leadership mute set a privacy-centric vision

Organizational change starts at the top. Traditionally, Chief Information Security Officers and Chief Data Officers have managed the brand-wide approach to data procurement, storage, and application. These leaders should be at the head of new policies, procedures, and best practices to help guide their teams through this transition and establish a privacy-centric vision for their future.

13. Disinformation won't go down without a fight

In a world of algorithmic curation and clickbait headlines, digital literacy may be the single most valuable quality a citizen of the internet can possess. Disinformation, be it deepfakes or fake news, is driven by personal data. The insights we give our social media platforms get weaponized against us to trigger outrage and aggression. Any policy or practice pushing for data accountability is a prime target for disinformation because of the risk it poses for those that create it.