By 2023, 65% of the world’s population will have its personal data covered under modern privacy regulations, up from 10% in 2020, according to Gartner, Inc.
“With more countries introducing modern privacy laws in the same vein as the General Data Protection Regulation (GDPR), the world has reached a threshold where the European baseline for handling personal information is now the de facto global standard,” said Nader Henein, research vice president at Gartner. “Lawmakers are introducing new privacy laws that seek parity with the GDPR. These regulations allow whole countries to move one step closer to achieving adequacy with the EU, where their local businesses can benefit from a larger market with their new “trusted” status.”
While some organizations focused on cost optimization during the global COVID-19 pandemic, it is paramount that they incorporate the demands of a rapidly evolving privacy landscape into their business’s data strategy. “Security and risk management (SRM) leaders need to help their organization adapt their personal data handling practices without exposing the business to loss through fines or reputational damages.”
SRM leaders should adopt key capabilities that support increasing volume, variety and velocity of personal data by putting in place a three-stage technology-enabled privacy program: establish, maintain and evolve (see Figure 1).