As we can see the privacy laws have evolved and expanded in last five years, adding new legal requirements and necessitating amendments to existing processes within organizations so that they remain compliant while remaining competitive in a global economy. Regulations not only require organizations to know their customers, but also customer’s customer across geographies. The design and enactment of the newest data privacy regulations like EU GDPR, CCPA and CPRA drives organizations to take more ownership of the overall data lifecycle that would aid in building trust.
Riscomp believes that there are profound implications and fall out on the Information Technology and Digital Ecosystem for organizations as follows:
- Supplementary Measures, Transfer Impact Assessment in relation to International Data Transfers as compliance processes along with regular Privacy Impact Assessment and Data Protection Impact Assessment will be the norm going forward.
- Service entities engaged in providing Data Center services with different cloud deployment models would need to comply and provide supplemental guarantees under standard contractual clauses (SCCs) to their customers. Consumers of such services are obliged to renegotiate the cloud contracts.
- Automation in Data Privacy Governance processes like data classification, data breach incident investigation and policy and consent management will become more relevant in Boards and C-level agenda. Manual processes being prone to errors may elevate risks and liabilities to organization in terms of fines and negative customer trust.
- Vendor Risk Management must be made an indispensable part of overall risk management frameworks of organizations that would help them assess how third parties and suppliers manage privacy risks.
- Privacy Shield’s demise will challenge transatlantic innovation as it will be harder and expensive to export EU data out. Key Sectors Impacted by SCHREMS 2 Ruling by CJEU are:
- Cloud Computing and migration (Deployment and Service Models)
- Information Technology Services (Consulting and remote services)
- Marketing Services (Ad Tech, Cookies and behavioral advertisement)
- Control Framework for emerging tech trends like AI, smart cities, vehicular automation etc. need to be developed and adopted for every distinct use case.
- Privacy Risk Management, Privacy Audits are emerging themes and gain priority in privacy programs in 2023, again to be driven by robust privacy control frameworks.
- Privacy Enhancing Techniques(PETs) are no more research topics rather they are being aggressively explored for ethical data sharing and reuse.
- Privacy & Security by Design needs to be embedded in every stage of data lifecycle.
Before we shift gears and prepare for the 2023, we must know what lies ahead and prepare in advance.
As compliance is dynamic process and does not happen overnight, learn how Riscomp can help you cover all aspects of Data Privacy & Protection, Governance, Risk and Compliance using SAP GRC Solutions best matching your specific scope.