The topic of Data privacy and information security has been a top trend in 2022, more than it was last year. That’s because cyber-attacks have increased despite the fact that people are now understanding the importance of data privacy and taking steps to ensure it.
When a breach can happen on a website like GiveSendGo; a Christian fundraising site, then every business and every person out there can be a victim. Keeping the year 2021 and the first half of the year 2022, there is no doubt that the debate and developments regarding data privacy will not water down any sooner.
Here are some key data privacy predictions for the year 2022 and beyond:
Ever since GDPR was introduced, it raised many eyebrows of the non-EU countries. Many countries have now started taking serious steps and devising new privacy policies. Just like GDPR, in California exists CCPA, which gives the right to the residents of the state to control their information.
So far the privacy bills are active in states like Alaska, Florida, Indiana, Maryland, Massachusetts, Minnesota, New Jersey, New York, North Carolina, Ohio and Washington. In the year 2023, new privacy legislations will also come in effect, which were passed in Virginia and Colorado.
Similar frameworks are being implemented by responsible governments all over the world. The governments are not just implementing the privacy framewiorks because of the cyberthreats, but it is also because of the fact that the masses have become more aware and conscious about privacy.
The number of internet users worldwide is growing exponentially and people are getting to know about the threats and the ways to safeguard themselves.
As we can see new privacy legislation on the horizon in 2022, businesses will be under even greater pressure to hire privacy-focused employees, such as a data privacy officer or chief privacy officer.
In a survey conducted by ESG/Information Systems Security Association in 2021, 54% of respondents indicated their organization had engaged a data privacy officer for a year or longer, while 26% said the role had only recently been formed.
This shows the increasing significance of a data privacy officer in the eyes of organizations. It can be counted more as a calculation than a prediction that in the coming months, the hirings of data privacy officers will definitely increase.
The industry seems to be divided in a privacy vs security debate and that’s understandable. Consumers are concerned about their privacy and control of their information. However, companies are more concerned about security and working on how they can protect privacy through dedicated Ips.
If we look at it from a broader perspective, both of these things are closely related. We can say that to ensure user privacy, companies will have to maintain strong security protocols. Therefore, the privacy and security collaboration cannot be neglected or ignored.
Cloud integration is a growing trend because it provides manybenefits, some of which are:
Cloud computing gained a lot of popularity during the pandemic despite the fact that it has been around for nearly two decades now.
The various advantages of cloud computing are being recognized by an increasing number of tech-savvy companies and industry leaders. But they're also employing technology to operate their businesses more efficiently, provide better service to their clients, and boost their overall profit margins.
Despite the clear direction in which the industry is headed, it appears that there has never been a better time to get your head in cloud computing.
The more standards that apply to a company's data usage, the more regulatory compliance is required. This has increased the use of privacy-enhancing technologies (PETs) in data platforms of businesses. Some of the most common PETs used are:
Speaking about privacy engineering, companies need to realize that its more beneficial and effective to develop privacy engineering methods in the start, rather than incorporating them at a later time afterwards.
Blockchains are considered to be the most secure model and cryptocurrencies’ transactions were known to be the safest. However, the world of crypto shook when more than 480 wallets were attacked on Crypto.com in January 2022.
This was a very large scale hack, and the hackers were able to steal $18 million worth of bitcoin and $15 million worth of Ethereum. Crypto.com had to reimburse the amount to the victim and they also took a look at the loopholes in their systems. Despite having two-factor authentication on every account, hackers were able to access user’s wallets.
This has rattled the whole crypto industry and every crypto company has started taking firm steps in strengthening the security of the users. But that is isn’t enough! Well elaborated privacy regulations are being made. As per the framework, all sensitive data has to be encrypter to protect users’ privacy.
That’s just one part of the privacy issues for Crypto-currencies. The other reason why privacy regulation is important for Crypto industry is that some cases of ransomware payments and money laundering through crypto have also been reported lately.
Authorities have stressed the crypto exchanges to adhere to anti-money laundering and to improve “KYC”. This shows that soon we will be seeing privacy regulation frameworks like the GDPR in the crypto industry as well.
