2023 is another year for data privacy to showcase its various features in various business functions and expectations. I believe, and this is an issue of personal perspective, because technology is morphing into new areas and exploring new ways of merging these developments with regulatory expectations. As such, I’d like to use this week’s piece to explore my four top data privacy predictions.
The first prediction is in the areas of fines. Many companies, as we keep seeing, don’t understand the full expectations of data privacy regulations. This misunderstanding will lead to more fines. Surprisingly, 2022 saw a drop in fines — there was a total of €830 million, 36 percent lower than €1.3 billion in 2021. I predict the number will go up this year because regulators are trying to prove a point. Stakeholders should play their defensive role well.
Meta to invest $19.2 billion in metaverse. Roblox intends to expand their services in this space from selling Robux to other ventures like metaverse lands, etc. However, the question of portability between metaverses will be an interesting one. Would it be possible? If so, what would be the security implications and what should cyber security experts be paying attention to? As the verse expands, it would be interesting to know whether investment will be heavily focused on security. There will be the increase of virtual shopping where an individual can now try clothes online, meetings can be held in these spaces and other interesting things will emanate from the existence of this new universe. And with the total addressable market of metaverse going up to $14 trillion by 2030, I predict a lot of companies will start making ways to break into this space.
For 2023, in machine learning, I think there will be an increase in natural language processing tools. These tools essentially will bring a combined knowledge of algorithms to take into real world language for processing and making sense of it to fulfil requests from data subjects. However, from a privacy perspective, one should pay attention to ethics behind the ever-increasing AI & Machine learning expectations. How will companies ensure they are not biased in the use of these features, and it will be good if privacy professionals expand their knowledge base around this area to ensure they understand what’s been said in those decision-making rooms. These debates on best ways to use AI will be interesting.
Regulatory developments and discussions will gear up in this year focusing on international transfers and expanding to meet various business needs. There will be new ideologies in managing data directed under the auspices of regulatory bodies. It will be interesting to see how the EU-US international agreement pan out and more importantly, we will wait to see if the chairman of NYOB (Privacy is None of Your Business), Max Schrems, challenges whatever is proposed. In the United Kingdom too, the Online Safety Bill will come to the forefront, one wonders the challenges it will present with presentation and implementation. It’s going to be an exciting year indeed!
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