Even though Facebook has closed out its Q4 earnings at historic highs, the company cautioned that cost of compliance with privacy regulations will slow down revenue growth rates in Q1.
To not only comply with privacy regulations but honor customer requests for their right to be forgotten in the required time, your data storage, indexing and discovery needs to be well organized and maintained.
Privacy should be a top-of-mind issue as new privacy regulations keep appearing globally. However, recent report shows organizations are still unprepared to deal with them effectively.
Increase in privacy regulations around the world has driven the role of CPO to grow in significance and evolve in complexity to keep organizations compliant with the new requirements.
Gartner Projects Major Jump in Data Privacy Regulations; From 10% of the World Covered in 2020 to 65% in 2023
At present, only about 10% of the world has strong privacy regulations. Gartner believes that the GDPR will be the specific model upon which most new regulations are based.
To prepare for any privacy regulation, adopt a core technical framework where privacy controls can be applied to any new or existing system.