Why Is Data Protection One Of The Most Important Pointers to Focus On In 2022?

 

As the work environment shifted to the “new normal” brought about by the COVID-19 pandemic, data security managers found themselves in the heat of the moment as the sudden shift in events brought with it new trends in data security.

 

Data security has become a hot topic among cybersecurity experts because of the increased risks to businesses. There is a need to adapt data security programs that minimize more risk to businesses than ever before. Many companies are investing in their privacy programs, some having already adopted more secure options such as the Microsoft Azure data protection services.

 

Current trends indicate that data protection policy will be a pointer of focus as the world moves to 2022. But what makes data protection so vital that it should be such a significant part of focus?

The Rise of Data Protection Regulations

Only 10% of the world’s population had their data protected under any data privacy regulation. This number is expected to reach 65% by the end of 2023. The public is increasingly becoming aware of how corporations collect, process, use, save and disclose their data, leading to a rise of data privacy regulations.

 

 

 

Europe enacted the General Data Protection Regulation (GDPR) in 2016. California signed the California Consumer Privacy Act into law to enhance its residents’ privacy rights and consumer protection. Brazil similarly enacted the General Personal Data Protection Law, a collection of 40 laws regulating how corporations process personal data.

 

With such rising trends in personal data regulation, the protection of these data becomes even more critical. Corporations could risk legal suits for being negligent with consumer data. This calls for them to enhance the safety of data they collect from consumers or their employees.

Demand for Transparency in Data Protection

 

The increasing demand for companies to be transparent with their data protection policies is also pushing trends for data protection. Companies are starting to realize the importance of data privacy and safety to their businesses. And this realization is based on research showing that consumers are willing to stop dealing with companies they don’t trust with their data.

 

A recent consumer privacy survey found that 84% of consumers attest that they want more say and control over their data privacy. The same survey found that more than 50% of consumers have already stopped using the services and products from companies without transparent data protection policies.

 

Another independent consumer survey shows that companies that enhance their customers’ trust in their data protection policies could see a rise in profits by as much as 30%. This is because their customers feel that their data is safe, increasing their customer retention rate and attracting new ones. So, companies that want to stay competitive will have to focus on enhancing data protection.

Increasing Risk of Data Breach from third-parties

 

As businesses increasingly adopt online services, working with third parties is unavoidable. The challenge comes when these third parties need to access customer or employee data to deliver specific services. While regulations govern the type of data third parties can access and how they can use it, the risk of a data breach still exists.

 

 

 

Major corporations such as Google have recently found themselves in controversies involving data breaches, and corporations are taking note of these trends. Data protection is a key priority when dealing with third parties to avoid the adverse effects of data breaches on companies. This trend will make data protection a significant policy unit in the coming years.

Challenges Brought by Managing Remote Workforce

 

One of the significant impacts of Covid 19 is a shift in the business environment necessitating the use of the remote workforce. The work at home model brought with it a rise in security and data privacy breaches.

 

Working at home exposes employee data to severe threats of security breaches. A recent study found that 7% of employees have allowed non-authorized persons to access their work computers while working at home within the first year of the pandemic.

 

 

 

Working at home also lacks the restrictions that the traditional office environment provides, exposing employees to risky online behavior. The use of consumer communication apps for work has increased. In the same breath, at least 70% of employees engage in risky online behavior while working from home, increasing their companies’ expenses in addressing cybersecurity breaches.

 

The recent security breaches have occurred due to inadequate remote network solutions. Many organizations were unprepared for the shift to the digital workplace at such a fast pace. Now, they must work with equal speed to protect their data.

Conclusion

 

There is increasing pressure globally for companies to be transparent about collecting employee and customer data and how they process and use the same data. Companies need to use that data as they promise in their policies. Being accountable for the data collected, companies must protect this data at all costs.

 

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