A boom in privacy-focused technology, coupled with new regulations coming into force, will likely mean a shift towards greater transparency and protection of personal data in the coming year.
Economies and businesses are becoming increasingly prudent in their data management. However, despite these efforts and the implementation of national and – in the case of the EU – continental measures to better regulate data protection, security breaches remain common.
According to a report by IBM and the Ponemon Institute, the average cost of a data breach hit a new record of $4.35 million in 2022. The researchers arrived at this staggering figure based on several bitcoin data cost factors, such as legal, regulatory, and technical activities, loss of brand value, customer churn, and loss of employee productivity. Although the true cost, beyond financial losses, is likely to be much higher, since any breach or fine for non-compliance has the potential to undermine stakeholder trust and inflict irreparable damage to an organization’s reputation.
Given the rise in cybercrime, organizations need to employ a two-pronged strategy. First, no matter how robust security systems are, it is imperative to keep them up-to-date and aligned with jurisdictional standards. This requires those in leadership positions to look to the future, anticipate the emergence of future cyber threats, and embrace the wealth of new defensive capabilities that organizations can deploy in the short and long term.
As we approach Data Privacy Day 2023 , here are some industry trends to watch in the coming year:
Rise of privacy-focused technology: As consumers become more concerned about their online privacy, there will be an increase in demand for privacy-first technologies. This includes everything from secure messaging apps and browsers to virtual private networks (VPNs) and encrypted email services. It’s important to note that while these tools can certainly help protect your data, they’re not a silver bullet. Organizations still need to be vigilant and take steps to protect your information.