Data Privacy Trends 2020: What You Need to Know
Data Privacy Day, observed on January 28, 2020, is “an international effort to empower individuals and encourage businesses to respect privacy, safeguard data and enable trust,” according to Stay Safe Online. FormAssembly is dedicated to helping our customers adhere to the highest standards of data privacy with our secure data collection platform.
In observance of Data Privacy Day 2020, we’ve put together this blog about some of the most significant data privacy trends we’re likely to see all over the world throughout the new year.
Trend #1: A push for even more data privacy regulations worldwide
Following the January 1, 2020 enforcement date of the California Consumer Privacy Act (CCPA), many other states in the U.S. are expected to move forward with similar data privacy regulations in 2020, including Washington, Texas, New York, Massachusetts, and others. This growing patchwork of state data privacy laws is making the scope of data privacy in the United States more complex for businesses and consumers.
Because of this, many businesses, consumers, and lawmakers will continue to push for overarching federal data privacy legislation in 2020. In a recent survey of FormAssembly users, 85% of respondents said they support the idea of federally mandated data privacy legislation. At the recent World Economic Forum in Davos, Switzerland, Keith Block, the co-CEO of Salesforce, said, “there is no question there needs to be some sort of regulation in the United States. It would be terrific if we had a national data privacy law.”
The push for national data privacy laws goes far beyond the United States. Many other countries have been inspired by Europe’s GDPR to take data privacy regulations to the next level. Brazil has recently passed the General Data Protection Law (Lei Geral de Proteção de Dados Pessaoais, or LGPD), which is similar to the GDPR. The LGPD is set to go into effect in August 2020. India is also likely to pass the Personal Data Protection Bill in 2020. These laws will apply to any organization that does business within these countries.
As the trend toward federal data privacy laws continues in 2020, it’s crucial for businesses to remain vigilant and compliant in order to protect consumers’ personal data and avoid fines.
Trend #2: Data privacy to become a higher priority for consumers
With several high-profile data breaches in recent years and an increased emphasis on data privacy worldwide, consumers are becoming more aware of their own personal data privacy. With this increased awareness, more consumers are choosing to invest in businesses that meet higher standards of data privacy.
As enforcement ramps up, it’s important for businesses to remain transparent with consumers, and to always be prepared in the event of a data breach. Businesses that go above and beyond to protect customer data will stand out to consumers as they exercise their rights to data privacy. Companies that prioritize data privacy and include their data privacy team when creating new products are three times more likely to achieve ROI than those who don’t, according to a recent survey by PwC.
With consumers becoming more data-conscious in 2020, businesses with a focus on data privacy are much more likely to gain public trust. Even if your business isn’t directly affected by regulations like the CCPA and GDPR, adhering to these guidelines is likely to help your business gain credibility and ROI.
Trend #3: More emphasis on data privacy training for employees
As the consequences for data breaches and non-compliance become more serious, businesses are investing in more in-depth data privacy training for staff members. Many executives are hiring entire teams focused on these efforts.
Because non-compliance can cost businesses millions of dollars, businesses must ensure data privacy standards all across the board. Data privacy isn’t limited to just financial services and IT professionals—these high standards for data stewardship must be followed by all departments in all industries that handle customer data.
On Data Privacy Day 2020, we encourage you to expand your data privacy knowledge in an effort to protect both your business and your customers. Data privacy regulations may seem like a lot to handle, but by simply investing in the right data collection tools, your business will be able to keep data safe and secure.
To learn about how FormAssembly’s all-in-one web form builder and data collection platform can help your business meet the highest security and compliance standards, be sure to visit our Compliance Cloud page.