These Data Privacy Trends Will Impact Your Business

You know what it’s like when you have a new neighbour move in. 

Questions you ask yourself. Do they have young kids? Any pets? Will you all get along?

And like most people, you want to respect each other’s right to privacy.

But if you live in the outskirts of Melbourne, that can be easier said than done.

With Melbourne’s rapidly growing population and housing estates bursting at the seams, land availability continues to be snapped up.

And with that, you are buying land without understanding who will build next to you.

Let alone what they will build and how close to the boundary of your property.

And that could include a double-storey home with windows unintentionally peering into your backyard.

It’s a familiar story for those living in the mortgage belt, and protecting your privacy becomes a heated issue.

Here’s the thing: we not only expect but demand privacy. 

Data Privacy

And no more is this the case than online. It’s easy to forget how much information we share online. But worryingly, we must understand how businesses and companies must protect our data.

Most companies must follow Health Insurance Portability and Accountability Act (HIPAA), General Data Protection Regulation (GDPR), or Australia’s recently strengthened Privacy Act. By the end of next year, 75% of the world’s population will have their data protected by one or many of these laws.  

And complying with data privacy laws is not just the domain of large businesses but should be top of mind for all business owners. It would help if you viewed it in the same light as cybersecurity. 

GDPR violations rose by 113.5% between July 2020 and July 2021. With associated fines also surging by 124.92%.

Regarding HIPAA violations, each breach can carry a financial penalty between $100 to $25,000.

Your Melbourne business needs to consider your data collection process and prioritise data privacy. For example, it must be protected if your business or company collects, sends, or stores personally identifiable information (PII). In addition, you must have introduced adequate safeguards.

You will meet your compliance obligations by staying up-to-date with the latest privacy trends. 

Data Privacy Compliance: Here’s What You Need To Know

Privacy Compliance using AI 

Did you know that around 40% of privacy compliance technology uses AI? As a result, AI has undoubtedly found its way into many of the applications you use daily.

In some cases, you don’t even realise it. For example, when you’re typing in Microsoft Word, it auto-suggests the next word. AI is helping you write faster and more accurately by predicting what you are most likely to type next. Or when editing a photo in Adobe Photoshop, you can click a button to give an upset face a smile – this is the AI magicians at work. 

So, it’s no surprise that AI runs many algorithms responsible for protecting data. But what do you do if AI fails? 

And we all know (and now probably are using) ChatGPT.

With AI becoming increasingly part of our lives, questions about data privacy abound. So AI governance looks at how to protect your data and what business needs to adhere to. And ensuring automated processes are not inadvertently exposing sensitive data.

Consumer Privacy UX

A welcome trend is the return of privacy to consumers. Recent updates to privacy laws and regulations require apps and websites to be transparent with users’ data. App and website developers need to tell users what data they’re collecting, how it’s collected, and what they do with it. This must extend to offering users the ability to get their data back.

Here’s the thing, consumer privacy UX is a centralised privacy portal. Space on an app or website where users can access and modify their privacy settings.

And most importantly, it gives them better visibility of how their data is used by the website or app provider. 

Increased Scrutiny of Remote Employee Monitoring

You know the pandemic has changed the face of working. So many businesses and companies operate with a complete remote office or a hybrid approach. Remote working has forced companies to address how data is collected. So many companies are increasing their offsite monitoring of employees to ensure compliance. 

Whilst this makes sense, you must balance the need to adhere to data collection regulations with employee privacy. Perhaps nowhere is this more critical than when introducing employee device monitoring.

For example, around 49% of remote employees use their personal computers for work. Endpoint device monitoring helps businesses address heightened security risks. But they must ensure they are not gathering or backing up personal data.

Data Localisation

TikTok continues to dominate social media globally. But many privacy advocates are concerned with the social media giant’s parent company and its home country, China. Initially, data was stored on servers administered by the People’s Republic of China (PRC) government. However, western countries like Australia, the USA and the UK have vastly different privacy regulations from the PRC.

It’s anticipated data localisation and where information is stored in the cloud will become more crucial. A server’s location dictates the enforcement of privacy rules and regulations. So, many companies and governments are now asking cloud providers to identify where their data is stored.  

Privacy-Enhancing Computation (PEC)

Data privacy by design is new. It’s where privacy-enhancing computation is used in the same way that AI is helping cybersecurity. Developers can add value to clients using PEC as a built-in component of software and apps, addressing privacy concerns and automating data protection.

Melbourne Businesses – Are you overdue for a compliance check?

How often do you review your data privacy protections? Are you at unnecessary risk due to poor controls? Schedule a no-obligation call for worry-free IT and stay on top of your business’s privacy obligations.