The most important thing you need to know about data privacy in 2023 is that everything that surrounds personal data and information is changing rapidly and companies must be ready for this. The last few years have proved to everyone how important digitalization is across a company’s all departments. Having all your data backed up, while readily accessible from anywhere in the world saves you time and money while making audits and evaluations easier.
However, we find ourselves in more and more instances where applications and websites collect users’ data more than expected, while organizations struggle to find the right balance between the data they need and the data users feel comfortable sharing.
Helping companies have a consolidated view of their corporate risk and complying with more and more advanced regulations is an important topic for all major companies in North America. While the GDPR in Europe has been implemented for a few years so far, with mixed results, North American companies should prepare for similar measures.
What is Data Privacy in 2023?
There are a lot of software solutions to help companies comply with the new regulations regarding data privacy in 2023. A definition of data privacy in 2023 must take into consideration to which extent personal data is shared or communicated with external parties.
Currently, 3 main regulatory frameworks establish what data can be collected from consenting and unconsenting users:
- General Data Protection Regulation (GDPR): This set of rules regulates how EU citizens’ data can be collected, stored, processed, and shared with external parties. As a particularity in the EU, the right to be forgotten is also included in this framework.
- National Data Protection Laws: Since the GDPR came into effect in May 2018, countries such as Canada, Singapore, Australia, Brazil, and Japan have adopted similar rules to protect their citizens’ data on the internet.
- California Consumer Privacy Act (CCPA): In California, users have to be notified of what personal data is collected and how, while giving them the opportunity to control and limit the way it can be stored, processed, and sold to third parties.
These frameworks are believed to get even stricter in the future, as many privacy experts advocate that there are a lot of ways around them and consumers still do not have enough control over their data. Therefore, it’s very important for big, data-reliant companies to be up to date with the latest trends and best practices regarding data privacy in 2023.
The Cost of Data Privacy in 2023
As you can see from Data Sentinel‘s graph above, data breaches are a huge problem in 2023, especially for companies that store a lot of important, personal information about their customers, employees, or partners for business purposes.
The more time spent on finding, isolating, and fixing a data breach generates higher costs for the company. A 2020 IBM report shows that, on average, it takes enterprises roughly 280 days to identify and contain a data breach.
Be prepared! The best way to prevent a data breach and irreversible losses is to use modern software technology to secure your data. This way, you can always have control over your data holdings, while keeping risks to a minimum.
Best Solutions for Data Privacy in 2023
While selecting the best software solution for your company’s data privacy in 2023 is a very specific task and difficult task and should be chosen carefully, we can give you a few hints on how to select the best solution for your company. Here are the most important questions you should ask yourself in the selection process:
What Sensitive Data Do You Have? Structured data, unstructured data, documents, cloud, and on-premises sources. Where is it and what is it?
How Do You Know When It Changes? Is PII data being added? If so, to where? Is it changing? Becoming riskier in its form? How can you keep track of it?
Who Has Access to It? Throughout the enterprise, within systems and endpoint devices. Who has access to this sensitive data?
Is Your Sensitive Data at Risk? As part of corporate risk management, what is the cost of a failure in data security or breach? Failure of regulatory compliance with data privacy laws?
The best software solution for data privacy in 2023 is the one that works best with your sets of data while addressing your most important issues. Without a 1-on-1 free consultation, we can’t recommend you the best vendor, but we can definitely show you what makes our partners, Data Sentinel, unique:
What Makes Data Sentinel Unique?
Purpose-Built AI / ML
Our AI/ML purpose-built application learns and improves as time goes on.
Alerts you of data policy infractions throughout the entire information management lifecycle.
Fast and Scalable
Data Sentinel is infinitely scalable. Engineered to perform in large and complex organizations.
Scans All Data
We scan every data element. Structured, semi-structured, unstructured, images – all sources, all locations.
We monitor and alert you of sensitive data policy infractions in near real-time with our persistent monitoring architecture.
Data Sentinel is designed to be integrated into GRC Applications, Privacy Management Systems, and Data Governance platforms.
You define what sensitive data means for your organization. PII/PHI, Trade Secrets, Employee Data, Operational Information.
Zero Data Movement
The data does not move and is not changed in any way.
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What you Need to Know about Data Privacy in 2023
The COVID-19 pandemic has proved to everyone how the things we see as normal can change radically overnight. As a huge part of customer and business, interactions have moved online, consumers, companies, and regulators are very sensitive about data privacy in 2023.
An increasingly popular and important factor here is how PII (Personal Identification Information) is handled, stored, processed, and shared. Regulatory bodies from all over the world are looking for ways to protect this information, as consumers are unfamiliar with this new concept.
In most companies, the regulatory audits rarely include a dedicated tool for data privacy. As data privacy threats are becoming more and more advanced every day, this can prove to be a costly mistake in the long run, especially for medium and large companies.
The most important thing you need to know about data privacy in 2023 is that everything that surrounds personal data and information is changing rapidly and companies must be ready for this. Modern software solutions aim to address all your company’s issues regarding data privacy in 2023.