Five Data Privacy Trends To Watch In 2024
The importance of safeguarding data privacy has gained significant awareness in recent years. This is reflected in the growing commitment of governments to ensure data protection through legislative measures such as the GDPR and CCPA. Companies are adapting to this new legislation by introducing new privacy features and rethinking their business models. With the increasing emphasis on data protection, what else can we expect in 2024?
Continued Enforcement Of Privacy Regulations
In 2023, violations of the General Data Protection Regulation (GDPR) cost companies over 2 billion euros—more than in 2019, 2020 and 2021 combined. The GDPR is the EU’s data protection law, described as the “toughest privacy and security law in the world.” Although it’s an EU law, companies operating beyond the EU must comply with it when handling the data of European citizens or they’ll face significant fines. Meta, TikTok and X (formerly Twitter) have been fined over $3 billion for GDPR violations.
- Increased Focus On Children’s Privacy
- AI Policy And Governance
Data Privacy At The Forefront
In 2024, the cybersecurity and data privacy landscape is marked by a heightened focus on protecting children’s data, increased scrutiny of AI’s impact on privacy, a need for businesses to adapt their models to comply with stricter data privacy laws and a growing awareness among consumers about their privacy rights. In the past, data privacy may not have been the priority, but today’s dynamic digital landscape sets a different tone. All of the mentioned trends highlight the need for strong data protection measures and hint at the direction in which privacy protection is set to evolve. It’s crucial for governments, businesses and individuals to collaboratively secure personal information and shape the future of data privacy.