This week, we continued to see reports on the increasing data privacy challenges concerning businesses. In fact, over 50% of IT Managers have been reporting attacks, which will increase as people continue to work remotely and attackers become more sophisticated. For many businesses, protecting data will be critical to survival.
“The Significance Of Data Privacy And Security For Your Business,” The Tech Report – March 25, 2021
- Rapid advance of technology has forced businesses to prioritize data privacy and security. The data security market is expected to grow from $17.5 billion in 2020 to $35.5 billion in 2026. It is clear that protecting data is critical for the trust and survival of all businesses.
“New Research Shows Shift To Remote Work Has Intensified Data Protection Challenges,” PRNewswire – March 25, 2021
- Barracuda, a leading provider of cloud-enable security solutions, released a report with some staggering data including 52% of IT managers reporting that their organizations have experienced ransomware attacks. In short, IT managers must ramp-up their security efforts to protect against continued and inevitable attacks.
Increasing efforts from governments, companies, and watchdog groups are becoming more important each week. On one hand, some governmental bodies are still trying to get on the “same page” about regulations. On the other hand, in a case involving Amazon, we are starting to see companies’ held accountable and forced to implement solutions.
“EU Data Privacy Watchdogs Urged To Sort Out ‘Public Squabbles’,” Bloomberg- March 25, 2021
- Infighting and disagreement continue to plague the European Union privacy regulators’ enforcement of data privacy breaches. With the need to speed up investigations in cases including Amazon and Facebook, lawmakers are putting pressure on the regulators to resolve differences and focus on proper enforcement of privacy violations.
“French Ruling on Amazon Cloud Could Ease Companies’ Privacy Concerns,” WSJ- March 23, 2021
- To protect against privacy concerns in France, particularly in the healthcare space, Amazon in accordance with a court ruling, can continue to handle personal information by taking extra security steps. This includes storing encryption keys outside of Amazon’s own reach. This extra security step amongst others will likely continue as a requirement for similar big tech companies.
Data privacy results and regulations implemented to regulate its use will change the dynamic of advertising campaigns. Further, the market was stunned with the announcement that Prince Harry has now joined the technology ranks focused on mental health and the problems with the dissemination of disinformation.
“Apple’s IOS 14 Privacy Feature Will Have Lasting Implications For SMBs And Ad Agencies,” Forbes, March 22, 2021
- It is expected that Apple’s new data privacy protocols will result in less personalized ads to customers. Many believe the negative impact on targeted advertising will be felt more by smaller and medium sized businesses.
“Prince Harry takes a job at Silicon Valley start-up, also joins Aspen Institute to fight ‘disinformation’,” The Washington Post, March 24, 2021
- Prince Harry is now a technology executive at BetterUp with a goal of helping people live “more meaningful and vibrant lives.” In addition, Prince Harry has joined the prestigious Aspen Institute to analyze and make recommendations to help reduce the spread of false information.