On January 1st 2020, the California Consumer Privacy Act came into effect. The economy of California is the largest in the United States and ranked as the world’s fifth largest economy. It is also home to some of the world’s most powerful tech companies.
Data Privacy is already elevated as a board level issue and a big ticket deal with threats of legal and financial sanctions, risk to reputation and brand.
Reporting by the IAPP Europe (January 2020) highlights: Today’s lightning advances in technology in the fields of AI, automation and cloud services will herald in fundamental and complex changes in the way data protection unfolds. The organization that does not adjust to the new paradigm may not see the next decade.
What’s in store in this new decade?
A continued key trend in the coming years will remain third-party risk management. More robust outsourcing, vendor management and supply chain solutions in a pervasive digital age will be tactical and key to organizational strategy; therein lies considerable risk and exposure. Moreover, where breaches at the larger multinationals have dominated the landscape in recent times, their third-party relationships may prove more vulnerable in the coming years. Defending and proofing those supply chains in continual fashion will be critical.
Acknowledgement: IAPP Europe Data Protection Digest January 2020
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