January 2, 2024 at 10:57AM
In 2024, companies will face significant challenges in data security, protection, and compliance. Governments are tightening regulations and enforcing data protection laws, impacting companies globally. The rush to regulate AI and the complexities of data localization pose additional challenges. Businesses need to adapt to evolving regulations and technological landscapes to navigate these hurdles successfully.
The meeting notes highlighted three crucial trends that companies should expect to face in 2024, making data security, protection, and compliance more critical to operations and risk reduction.
The first trend revolves around the increasing government regulations governing data, including data localization and governance of data for generative AI (GenAI) models. The rush to govern the use of data for GenAI models is expected to have a significant impact, with the Biden administration’s AI executive order and the European Union’s AI Act likely playing a key role.
The second trend emphasizes the importance of enhancing enforcement of data protection regulations. Experts predict that these regulations will continue to be used more often, impacting a wider variety of companies.
Finally, the third trend foresees the complexity of the regulatory landscape growing rapidly, with almost all government and regulatory bodies worldwide working to define their data privacy and protection policies or advancing to the next level if already defined.
In light of these trends, companies will need to be more cognizant of where their data moves in the cloud and be prepared to navigate varied localization requirements, reinvent operating models, and comply with different standards for technology systems. Adapting to the localization regimes in each part of the world will allow companies to offer personalization, reduce the risk of data leaks and breaches, and benefit from a reputation for cybersecurity.
The fast adoption of AI services is expected to bring about significant changes for businesses and how they handle data in the coming year. The increased use of AI raises concerns about legal, privacy, and security risks, and there are predictions of major breaches caused by AI-generated code in 2024. Additionally, the estimates of private data flowing into GenAI models indicate potential compliance risks for organizations that might not have the right mechanisms in place to track and control data transfers.
Overall, the meeting notes underscore the necessity for companies to proactively address the evolving regulatory landscape, data privacy, and security concerns, while also preparing to navigate the challenges posed by the use of AI in their operations.