The effective use of data and strong cybersecurity are essential to succeed in modern business. Over the past few years, even large companies have been victimized by data breaches. Successful cyberattacks have typically resulted in the loss of reputation, financial losses, and major government fines that have hurt companies.

Due to growing cyber risks, governments have passed laws protecting consumer data in terms of privacy and security. The USA’s HIPAA (Health Insurance Portability and Accountability Act) and the European Union’s GDPR (General Data Protection Regulation) are the two main laws. 2022 saw cyberattacks grow in frequency and sophistication.

The following will cover five cybersecurity trends that will affect businesses in 2023. The discussions will offer tips for protecting your organization.

1) Emphasis on Privacy

Experts believe there will be a greater emphasis on privacy over information security in 2023, which is a change after about a decade. Several nations are legislating stricter data privacy regulations, and tech companies are implementing technologies to comply. Thus, Google is terminating third-party cookies this year and transitioning to privacy sandboxes. Moreover, Apple has added privacy protection features since App Tracking Transparency was introduced with iOS 14.5.

As data privacy regulations grow, so will the penalties for violating them. In addition to significant fines, a company’s brand value and consumer trust will also be damaged when a data breach occurs. Organizations emphasizing privacy will stand out from their competitors as being conscientious about consumer concerns. They will implement frameworks like ISO 27001 and ISO 27701 to ensure data availability, confidentiality, and integrity.

2) Conforming Data & Privacy Regulations

Confirming data and privacy regulations worldwide will improve data security and protection. In addition, there will be an increase in innovation and interoperability while reducing costs. Imagine multinational organizations attempting to comply with various laws, regulations, and frameworks governing data from several nations when they are inconsistent. The complexity can lead to confusion and inefficiency.

Harmonizing security frameworks and laws will improve consumer data privacy and security, promoting worldwide trade. Harmonizing data protection procedures and regulations worldwide will decrease risk and increase trust among countries and their supply chains.

Part 2 will cover more cybersecurity trends affecting your business in 2023.

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