For instance, more than 59,000 data breach notifications were issued in GDPR’s first year, and some
companies like British Airways and Marriott received hundreds of millions of dollars in fines, reminding
companies of all sizes that data protection needs to be a top priority.
Meanwhile, there is evidence that venture capital investment in European tech startups is declining
compared to other countries like the United States, where privacy laws are still less defined. What’s more,
data privacy laws impact the development of artificial intelligence and machine learning by making
information less accessible and more risky for companies striving to develop the technology.
To put it simply, restricting innovation is a noteworthy side effect of these data privacy regulations.
In 2019, these regulations are causing companies to redefine their practices while still harnessing the
opportunities of the digital age. It’s a precarious situation, but it’s not one that today’s organizations can’t
meet head on.
Here are three ways that privacy regulations impact every organization and the steps they can take to
navigate this new reality.
#1 Companies Have to Protect User Data
In almost every way, data is the lifeblood of the digital economy. Likening personal data to the oil of the
internet, Wired described the importance of personal information, writing, “On the internet, the personal
data users give away for free is transformed into a precious commodity.”
Practically every platform on the internet is powered by this valuable resource, creating a sophisticated
market for exchanging personal information. Unfortunately, this data isn’t just valuable to the companies
that use it to perfect their platforms.
It’s extremely valuable to bad actors, and it’s susceptible to misuse by both external and internal threats.
With the Dark Web providing an expansive market for people’s personal information, anyone can
capitalize on the vulnerabilities inherent in today’s digital ecosystem. That’s why Verizon’s 2019 Insider
Threat Report found that both internal and external threats are primarily motivated by financial gain.
In 2019, companies of all sizes need to be aware that they are storing a highly valuable commodity, and
securing this information is critical to their regulatory compliance, customer satisfaction, and financial
well-being.
Oddly, this inherently technological problem can be addressed with new and better technology.
Fighting technology with technology might appear anathema on the surface, but by implementing
powerful and capable endpoint data loss prevention (DLP) and monitoring software, any company can
effectively protect their information from misuse so that they can remain compliant and operational.
For example, this data security solution can
● limit access to sensitive personal information
● prevent unauthorized data movement
● provide real-time alerts for suspicious activity