For today’s businesses data privacy is already a big headache, and with modern privacy laws expanding to more of the world’s population, regulatory compliance is on track to become a more complicated, high-stakes process touching on every aspect of an organization. In fact, Gartner predicts that by 2024, 75% of the Global Population will have its personal data covered under privacy regulations.
Tightening data privacy regulations around the world
The EU’s General Data Privacy Regulation (GDPR) was not the first privacy law in the world. Still, it was undoubtedly the first significant shakeup in privacy legislation with a far-reaching impact on organizations globally. Following its implementation, several U.S. states have started implementing similar privacy laws. This legislation includes;
- Virginia Consumer Data Protection Act (VCDPA), effective January 1st, 2023
- California Privacy Rights Act (CPRA), effective January 1st, 2023
- Utah Consumer Privacy Act (UCPA), effective December 31st, 2023
- Connecticut Data Privacy Act (CDPA), effective July 1st, 2023
- Colorado Privacy Act (CPA), effective July 1st, 2023
What do changing privacy laws mean for organizations?
As the digital landscape evolves, cybercrime grows with it. The soaring numbers of online and mobile-based interactions create countless cyberattack opportunities. Many of these attacks lead to data breaches that threaten businesses and people. At the current growth rate, damage from cybercrime will hit $10.5 trillion annually by 2025 – a 300% increase from the numbers reported in 2015.
In the face of the growing cyber onslaught, organizations globally spent about $150 billion in 2021 in their quest for better cyber defense, growing by 12.4% annually. Thus, the surging cybercrime and subsequent need for better defense are the key drivers of the increasing cybersecurity awakening and privacy laws.
To stay ahead of these regulations, organizations need to implement the following measures and more:
- Update data privacy policies
- Review data security standards
- Implement data security best practices
- Facilitate regular employee training
- Strengthen your organization’s password policy
- And more….
Contact the Goliath Cyber Advisory team and discuss how we can help protect, your bottom line, your employees, and your customers – as well as your business.