Source: Copywriting - CIO.
Privacy regulation worries companies
Theme Overcomes Talent Shortage as Major Emerging Risk in Gartner Research
The rapid acceleration of privacy regulations and their associated regulatory burdens have become the leading emerging risk that organizations face globally, according to the latest. Gartner Emerging Risk Monitoring Report.
THE quarterly survey of 98 senior executives of industries and geographies showed that “Acceleration of privacy regulation” surpassed “Talent shortage” as the main emerging risk in the 2019 First Quarter Emerging Risk Observatory survey. Concerns about privacy regulations have been consistently spread across the globe, denoting the increasingly numerous and geographically specific regulations that companies must now comply with.
Privacy Regulations & #8211; General Data Protection Regulation (GDPR)
“With the General Data Protection Regulation (GDPR) Going into effect, executives realize that compliance with privacy regulations is more complex and expensive than anticipated, ”said Matt Shinkman, Gartner vice president and risk practices leader. “More IT budget, legal and information security funding will address compliance with the GDPR& #8220 ;. And this also holds true with LGPD - General Data Privacy Law) in Brazil.
Sixty-four percent of respondents indicated that accelerating privacy regulation was a major risk for organizations. Data showed particularly high concern among executives in the banking, finance, technology and telecommunications sectors, and food, beverages and consumer goods, with at least 70% executives in each sector indicating this as a high risk.
LGPD: Global Privacy Regulations
THE GDPR is one of several new global privacy regulations modeled after the law GDPR Europe, which has been in place since 2018. An increasingly fragmented data privacy regulation landscape, with new privacy laws recently enacted in Australia and Japan, has complicated the path to full privacy compliance for many organizations.
“We are now seeing an evolution of the specific concerns of the GDPR, which have been on executives' minds for the past two years, for a broader recognition that their organizations need to review all their data security governance strategies, ”said Shinkman. “GDPR compliance is only the initial weapon in this process, not the finish line. ”
In addition to being rated as the top risk this quarter, accelerated privacy regulation was also rated as a “very fast speed” risk, meaning that the risk would have a high organizational impact if it materialized. This may suggest caution among executives about the potentially large fines and reputational damage associated with violations of the GDPR and similar legislation. The acceleration of privacy regulation was also rated as the most likely risk of any of the top 10 in this quarter's report, demonstrating that executives see it as a concrete threat to their organizations.
A number of other emerging risks cited in the survey may also be contributing to executive discomfort over accelerated privacy regulation. “Pace of change” was the second most worrying overall risk for executives surveyed. It was also rated as “very fast speed,” indicating that executives are annoyed by their companies' inability to prevent outages and mitigate risk factors. Concerns about delayed or ill-conceived scanning were among the top five risks, while outdated policies and procedures were flagged as one of the top ten.
The main risk of the last quarter, talent shortage, was third overall this quarter. This can complicate and add to staffing efforts around the technical challenges inherent in complying with new regulations, such as hiring data protection agents.
For executives concerned about complying with emerging data privacy regulations, Gartner has produced a number of recommendations for GDPR for the various functions affected, including strategies for developing a data security governance strategy and guidelines for appointing a data privacy officer.
Learn more about the LGPD:
- What changes with the sanction of Law 13,853 / 19
- The categorization of “Personal Data”
- LGPD impacts on Cyber Security
- Points of attention in companies with LGPD
Watch: SAFEWAY Drops LGPD #4
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