The data privacy industry is hot. Kabir Barday, CEO of OneTrust has been able to grow his company into one of the world’s leading privacy management platforms in just 5 years. It’s no surprise because hacking is on the rise and privacy laws are becoming more complex.
Cybersecurity and data privacy are increasingly becoming board-level conversations. Over the next decade, we can expect to see that companies will start to think about privacy, security, vendor risk, and ESG, not as siloed efforts in the organization, but as a broader effort to build trust in their brands.
Being on the receiving end of a cyber attach isn’t just about tech infrastructure and security. Unfortunately, it’s people that are the most exploitable part of any system. Company employees can be manipulated to intentionally or unintentionally give access to hackers, and therefore they require training. Employees need to be able to spot phishing attempts, but also on the ethical use of data to prevent inadvertent abuses. In addition, it is extremely important to implement third-party risk management and to have an ongoing understanding of your suppliers, vendors and partner company security practices, and contingency plans for when any vendor gets hacked.
Today we see more and more businesses that are global and sharing data across borders can be quite complex. Entrepreneurs need to work with their teams and find solutions to the legal and logistical challenges that come with transferring data across borders. In some countries this may not even be possible as they require all data to stay local and never be shared to a third country.
There are great opportunities for anyone who who can build privacy and ethics into artificial intelligence and machine learning algorithms. These technologies are prone to repeating the inherent biases of their creators and making unethical decisions as a result.