Data Privacy Named Top 5 Risk for Business in 2019

International businesses will face a new level of risk on data privacy in 2019, according to a list of the top 5 risks to business in 2019 covered by CNBC recently.

Data privacy was selected because of disparities between the approaches of the European Union (EU), China and the United States. They believe businesses will be challenged by the different rules for collecting, storing and transferring data as they operate across borders.

The list details the different regional approaches to data broadly. It contends that the EU sees data as something to be protected, China views data as something to be controlled, and the United States views data as something to be commercialized.

There has been a lot of discussion over the past nine months about the differences in data protection between the United States and the European Union. These differences were highlighted this year by EU adoption of the General Data Protection Regulation (GDPR) as well as concerns from European regulators about the protections of the Privacy Shield, which covers certain data of EU citizens imported by US companies from the EU.

The problems of cross-border data protection were also highlighted by the need for the United Kingdom to receive a declaration of adequacy for its data protections during the Brexit negotiations.

The differences in approach to privacy law between the US and EU may shrink in 2020 as businesses get ready for compliance with the California Consumer Privacy Act (CCPA). The CCPA is the new California privacy law that gives consumers the right to access and delete their personal information at covered businesses as well as the right to opt out of the sale of their personal information.

Congress is also considering a new federal privacy law, although the details of the legislation have not been finalized. There have been many different proposals announced by legislators, regulators, businesses and organizations. Congress continues to hold hearings and question key members of the business community, such as yesterday’s questioning of Google CEO Sundar Pichai by the House Judiciary Committee.

Action by California and Congress on data privacy were made possible by the scandal surrounding Facebook and Cambridge Analytica, which was revealed by the media in March.

Among the other risks that made the list to be tracked are the US-China trade war, the American legislative gridlock, extreme weather disruption, and increases in ‘nationless’ multinational companies.

More Blog Posts from Clarip:

The Time to Enhance Data Privacy Practices is Now
Data Privacy Ranks Second for Top Marketing Challenge in 2019
Privacy & Security – A Review of 2018 and Some Predictions for 2019

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Click here to contact us (return messages within 24 hours) or call 1-888-252-5653 to schedule a demo and speak to a member of the Clarip team.