Organisations’ obligations to manage data—and the costs of failure—are growing exponentially. Just look at some recent examples. A well-known retailer paid almost $70 million in settlements with banks, states, and class action suits stemming from a single data breach. In July 2019, a social media company received a $5 billion privacy fine, representing about 9% of their annual review - more than double the maximum percentage (4%) of annual revenue that can be imposed as a penalty under the EU’s GDPR.
Getting your data protection practices in order now has become more crucial than ever and the regulatory landscape is changing at lightning speed. 64% of countries now have data protection or privacy legislation. With numerous new laws on the horizon, including a further 8% of countries with draft legislation, organisations should already be thinking about how they can leverage new technologies to ensure their data practices get compliant and stay complaint in the turbulent future ahead.
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