August 14, 2022

Binary Blogger

Are you a 1 or a 0? News, Thoughts and Reviews

Global Data Privacy Laws Changing For The Better

2 min read

According to NavexGlobal, the only constant of data privacy law is change. The last two years saw a massive spike in online traffic and with it a major increase in cybercrime. But this isn’t all bad news as it forced countries around the world to reconsider their stance on privacy laws and the sharing and protection of data. There are already several countries that have updated and instated new data privacy laws, and the trend keeps growing.

Protection On The Rise

The National Law Review estimates that by 2023, around 65% of the global population will be protected by personal data laws. The European Union started the ball rolling by bringing in its General Data Protection Regulation Act (GDPR) in 2016. While the US doesn’t have a singular data privacy law, it has numerous state-wide laws that apply to the storing, securing, and sharing of personal data.

The newly passed California Privacy Rights Act is just one in a long line of US Acts that come into effect in 2022, with Colorado, New York, Virginia, and Washington amongst many others joining the movement. Elsewhere in the world, from Germany to Japan, India to Ireland, new privacy laws are also being signed into effect.

According to UNCTAD the level of adoption of privacy laws keeps rising. Stats show that to date, 137 of 194 countries have legislation in place or are updating current legislation to govern the digital protection of data. The least developed countries are lagging behind, but this is to be expected as their rate of internet penetration is far lower too.

Corporate Governance Keeps Improving 

Every new data privacy law that comes into place offers increased protection for individuals, and holds businesses that store data legally accountable. For a business such as Eagle Alpha that specializes in providing data to both vendors and buyers, reputation is everything. A breach could cost them a fortune, not just in reputational damage but in regulatory fines or penalties too. However, as a long-established entity, this kind of business is equipped to have the correct safeguards in place. 

On the other hand, many smaller businesses that deal with data now have to act quickly to implement stringent security systems and ensure that they meet the expected standards of data privacy. Everyone has the right to privacy, and with new global laws coming into play, there are serious ramifications for those that don’t adhere to regulations.

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