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Lockpath 2020 Predictions: Data Privacy Outlook for 2020

VMblog Predictions 2020 

Industry executives and experts share their predictions for 2020.  Read them in this 12th annual series exclusive.

By Tony Rock, CCO at Lockpath a NAVEX Global Company

Data Privacy Outlook for 2020

2020 will be a turning point for personal data regulation; it will also be a banner year for cybercrime.

It is always easier to be more accurate recalling the past than it is to predict the future. But for data privacy in 2020, what we expect to see are trends from the recent past exploding into the new year. Especially in these two cases - regulation and cybercrime.

First, consider the case of privacy laws. In May of 2018, after three years of rancorous negotiation, Europe's General Data Protection Regulations (GDPR) went into effect. Although it was not the first - Canada, for example, had its own law take effect in 2001 - GDPR is the most comprehensive of the data privacy laws enacted to date. It applies to any organization, anywhere in the world, that does business with European citizens. In addition to GDPR, one of the most important developments of the new year will be the proliferation of new data privacy laws enacted in different states and countries.

More than 80 countries and independent territories, including Europe's 28 GDPR signatories, as well as others in Latin America, the Caribbean, Asia, and Africa, have now adopted data protection laws. They each tackle privacy differently; some are comprehensive while others have sharper teeth. In the United States, which only has fragmented national information privacy laws such as industry standards like PCI or HIPAA, some states are moving forward with their data privacy legislations.

California is leading the way with its California Consumer Privacy Act (CCPA) regulation, which goes into effect January 1. However, California is only one of 25 U.S. states that either have or in the process of enacting a data protection law, and none of these laws are identical. The result has turned compliance into a labor-intensive undertaking that will become more confusing with ambiguous legal language, abundant misinformation, an assortment of potentially conflicting court decisions, and different levels of tolerance by companies and private citizens.  

Due to the growth of Privacy Regulations like CCPA, the high levels of confusion around compliance will continue. Until privacy laws become more standardized and better understood, we expect to see the following: a growth in consultants guiding companies through steps of compliance, an explosion of litigation involving lawsuits by aggrieved parties, and a potential decrease in highly targeted marketing based on personal data.

The second development we expect to see in 2020 is the level of cybercrime and network attacks will continue to grow. Hacking methods are constantly maturing, from phishing techniques, ransomware attacks and insider system infiltration. IT security must keep evolving and maturing to keep your systems, assets and sensitive data protected.

Finally, our last prediction is an increase in risk management and cybersecurity tools. As companies realize their sensitive information must be protected continuously, this will call for a more mature risk management program. If managed correctly, IT team can leverage a GRC platform to prevent cyberattacks and implement integrated risk management methods.

We anticipate that both the number and size of these attacks will escalate in 2020 for a variety of reasons. Including the growing number of people outside the United States who have become proficient in cyberattacks, the increasing amount and value of data held on servers worldwide, and the exceptionally high stakes for national security worldwide. At the same time, we also project a growth in the antidote to crime: a continuing increase in both budget and staff in cybersecurity.


About the Author

Tony Rock Chief Operations Officer at Lockpath, a NAVEX Global Company

Tony Rock 

Tony Rock brings extensive leadership experience in finance, operations, and technology to his role as Chief Operating Officer at Lockpath, a NAVEX Global Company. Rock’s career path has taken him from Accenture to startups to private equity to China. He’s touched a multitude of industries, including energy, healthcare, food/agribusiness, consumer goods, high-tech, software, aerospace, professional services, and industrial products. Along the way, Rock has served nearly 100 operating units, yet somehow found time to earn an MBA in Finance and Marketing, as well as his Chartered Financial Analyst (CFA) designation. Given his many accomplishments, Rock’s true north is in driving revenue for innovative companies poised for growth.

Published Thursday, December 26, 2019 7:28 AM by David Marshall
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