It was only a matter of time before digital security began to assume a much larger role in the geopolitical stage. The explosion of SaaS apps and social media - and their inherent exchange of free services for your data - has lead to unintended consequences from bad actors in the public digital square.Some regulations have always been in place. However, as of May 25, 2018, with the enforcement of the General Data Protection Regulation (GDPR), digital privacy concerns have reached an entirely new level.
However, the numbers and reach are only window dressing if we consider the larger consequences of the 99 article-long GDPR document:
In the past, cybersecurity might have been considered a nuisance at worst and a necessary evil at best. But now, no firm wants to commit a human rights violation. So digital security strategy must find a place among top business concerns.
So how does this change your business?On the practical side, regulations such as GDPR will require companies to begin documenting processes and create a system of record . New laws will also demand a higher level of circumspection and evaluation about how companies operate, in addition to the subsequent documentation of rationale. These shifts will push companies to train their staff with principles like Privacy by Design and Privacy by Default (Art. 25) and require transparency between controllers and processors in how data is handled.
These aren’t simplistic security patches to thwart a hacker. These demands squarely challenge operational and strategic business decisions. Even beyond the possibility of fines, entities will also be looking to pair with others that have adopted the correct posture in response to regulations. As time goes on, fewer companies will want to expose themselves due to the company they keep.
It’s apparent that the most robust solutions will come from the security sector as they’ve been gearing up for GDPR since it was announced two years ago. Security and privacy firms that deliver solid solutions, but that also firmly grasp business models, are in the best position to serve - and benefit from - the sea of change being created with new regulations such as GDPR.Some factors that will differentiate the competition are: