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What You Need to Know About Data Security & Privacy Regulations in 2024

Feb 6, 2024

Data security and privacy have never been more critical. In 2024, businesses face a greater range of threats to their data and overall security, supercharged by new technologies and increasingly sophisticated attack methods.

To make things even more urgent, organizations also have to comply with ever-stricter regulations with tough penalties. The cost of a data breach can now extend to severe legal consequences.

Dyopath What You Need To Know About Data Security &Amp; Privacy Regulations In 2024

If you want to give your business the best chance of survival in this constantly changing landscape, you’ll need to understand the current state of data security and privacy, as well as the main trends to be aware of going into 2024.

In this article, we’ll explore data security and privacy trends for 2024 and what they mean.

Cybersecurity Expert Shortages

Cybersecurity requires a highly specific and advanced skill set that relatively few people in the world possess.

Unfortunately, cyber crime is increasing faster than cyber security professionals are being trained. In fact, 54% of cyber security professionals say this skills shortage has become worse over the last two years.

The good news is that there are potential solutions. Companies can incentivize their employees to learn key cybersecurity skills by paying for training and certifications (which are valuable in themselves). Organizations can also offer internships and forge relationships with schools and training programs that focus on security.

Artificial Intelligence Regulations

In 2023, we couldn’t go more than five minutes without hearing of the latest artificial intelligence (AI) breakthroughs.

AI technology is exploding at an incredible speed, and cyber crime is one of the affected areas. Criminals now have access to new tools allowing them to create and deploy malware and ransomware more quickly, produce highly convincing deep fakes, crack passwords more efficiently, and much more.

This trend is driving new regulations, too. The U.S. recently signed an AI Executive Order aimed at regulating the use of AI. As time goes on, we’re likely to see many more regulatory changes impacting this technology.

A Greater Need for Data Security & Privacy in Cars

Cars are getting smarter by the minute. Today’s automobiles are worlds apart from those of decades past, and this comes with both advantages and risks.

Dyopath What You Need To Know About Data Security &Amp; Privacy Regulations In 2024

Modern cars collect huge amounts of data that allow us to enjoy features like navigation, better safety, and useful stats about our driving habits. That said, this data — which tracks where we go and what we say and maps out our daily routines — is also a prime target for cyber crime.

A report by the Mozilla Foundation found that today’s cars collect too much personal data, have a tendency to share or sell data, and fail to give drivers control over their data.

Increased Data Encryption

Data encryption is one of the most reliable tools for businesses when it comes to safely sharing data across locations.

This has been the case for some time, but recently, we’ve seen an uptick in encryption, driven by ever-stricter regulations and tougher punishments for businesses that fail to protect their sensitive data.

Going into 2024, we expect to see even more — and more sophisticated — encryption. Organizations that fall behind the curve here will be at greater risk of being targeted by opportunistic criminals.

Global Data-Sharing Challenges

Our world is becoming more and more globalized, which means sharing data across vast distances is now a daily occurrence for millions of organizations.

Dyopath What You Need To Know About Data Security &Amp; Privacy Regulations In 2024

However, the process of data sharing — and ensuring data security and privacy — is also becoming more difficult. Three-quarters of the world’s countries now have data localization rules in place — adding extra steps and complications for global companies sharing data.

As we enter 2024 and beyond, international organizations will be investing resources into complying with these regulations to protect their data as best as possible when being shared across borders. Methods like encryption, tougher access controls, and multi-factor authentication will help ensure data security and privacy.

Looking Ahead at Data Security & Privacy

Technology is evolving at breakneck speed, and one of the biggest challenges businesses face is ensuring their cybersecurity landscapes evolve alongside it to strengthen data security and privacy.

The most important thing is to stay informed. Remain aware of new technology trends and threats, and make sure your security apparatus is always up to date and prepared.

Working with the right security provider — that is, one that prioritizes keeping apace with new trends — will be a major advantage. At DYOPATH, we’re constantly working to make sure our clients are protected in the face of emerging technologies.

Contact us to learn more.