Michael Hughesbusiness manager of a data science company that improves privacy Duality Technologies says it’s crucial for businesses to work to put in place privacy and security safeguards that keep their data and that of their customers safe.

In a article Posted on the World Economic Forum website, the data expert stresses the importance of data and data sharing, citing health and financial data and a recent Gartner report.

Technology research and consulting firm Gartner predicts that by 2024, personal data will be covered by privacy rules for 75% of the world’s population.

Effective data protection regulation is seen as a priority by many countries with expanding digital identity systems, such as India and Nigeria.

For Hughes, when properly shared and collaborative, health data can play an important role in improving healthcare services and saving lives, while financial data can be very crucial in protecting people from fraud. financial.

However, he notes that to ensure data security, companies need to take a privacy-first approach, which he says can be made possible by using the right technology and implementing a “customer-focused C suite.” data”.

According to Hughes, data-centric C-suites such as privacy officers, compliance officers, and information security officers are experts who have the knowledge to operationalize privacy requirements and pull the punch. best use of existing data management technology.

Additionally, the official suggests that companies must also ensure compliance with regulatory requirements in how they share and collaborate on data in order to maintain data confidentiality and confidentiality.

With this in mind, it refers to the European Union’s General Data Protection Regulation (GDPR) and the US Health Insurance Portability and Accountability Act (HIPAA) as examples of regulations on which s support when it comes to questions about how data can be viewed or collaborated on.

“With the right technology and the assurance that they can collaborate within the confines of regulatory compliance, businesses can now unlock the true potential of data. Importantly, they can do so while protecting their customers and the public while achieving major advances in public health and financial security,” concludes Hughes.

The adoption of the regulation on the protection of personal data continues

Gartner’s report also advises organizations to pay greater attention to five privacy trends to help them meet the demands of personal data protection, according to an announcement highlighting the report’s key findings.

He also predicts that with increasing efforts to regulate privacy by governments and organizations, many of them will see the need to launch privacy programs in the near future, the average spending on this by large organizations expected to exceed $2.5 million by 2024.

“By the end of 2024, Gartner predicts that 75% of the world’s population will see their personal data covered by modern privacy regulations. This regulatory shift has been the primary catalyst for the operationalization of privacy “Comments Nader Henein, VP Analyst at Gartner. “Since most organizations do not have a dedicated privacy practice, the responsibility for operationalizing these requirements shifts to technology, specifically security. , under the aegis of the CISO’s office.”

According to Gartner, the five trends organizations need to focus on to solve the data protection equation include data localization, privacy-enhancing computational techniques, artificial intelligence governance, personal user experience centralized and a human-centric approach to data privacy.

Article topics

data privacy | data protection | data sharing | Gartner | confidentiality | regulation | World Economic Forum