A recent Cisco Consumer Privacy Survey found that data privacy and security are top concerns for consumers globally.
Consumers are increasingly aware of their data privacy rights and the risks of sharing their personal data online; they expect companies to take responsibility for protecting their personal data, with the majority of respondents stating that they would stop doing business with a company if it experienced a data breach.
The COVID-19 pandemic has led to an increase in online activity, making consumers more vulnerable to cyber threats and data breaches; consumers are willing to share their personal data if they trust the company they are sharing it with and understand how their data will be used.
There is a growing need for companies to be transparent about their data privacy policies and to provide clear and concise information to consumers about how their personal data is collected, used, and shared. Overall, the survey highlights the importance of data privacy and security in today’s digital world and the need for companies to prioritize these issues in order to build trust with their customers.
As we progress through 2023 we can likely expect to see Increased regulatory scrutiny as data breaches and privacy violations continue to occur. Governments in particular, are introducing stricter data protection regulations. We can anticipate that this trend will continue in 2023, with more countries implementing new privacy laws.
There is likely to be more emphasis on data ethics, consumers are becoming more aware of the importance of ethical data use, and this trend is likely to continue in 2023. Organizations will need to focus on implementing ethical data practices to gain the trust of their customers.
Growth in the use of artificial intelligence (AI) is expected to continue to play a significant role in data analysis and processing. However, it’s crucial to ensure that ethical considerations are taken into account when implementing AI systems to prevent potential privacy violations.
Privacy by design is an approach that incorporates privacy and data protection principles into the design of products and services. This approach is becoming more important in 2023 as organizations aim to build trust with their customers.
Unfortunately, cyber threats and data breaches are likely to continue to be a significant concern in 2023. Organizations will need to prioritize cybersecurity measures to protect their customers’ data.
These predictions are based on current trends and technological advancements in the field of data and privacy. However, it’s important to keep in mind that unexpected events and changes could also impact the future of data and privacy in 2023.
From a Pretectum standpoint, expect to see more features added to our SaaS platform during the course of the year to further support proving assurances around data security and privacy in our CMDM and PMDM platform as well as improvements in data quality and integrations.
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