Digital Lifescapes

Enterprise data privacy compliance has created a significant operational burden for many organizations. Now CIOs and CTOs are adopting automation tools that can ease the task of ensuring that their employees follow the relevant domestic and international requirements. Over 40 percent of privacy compliance technology will rely on artificial intelligence (AI) solutions by 2023 -- that's up from 5 percent today, according to the latest worldwide market study by Gartner. "Privacy laws, such as General Data Protection Regulation (GDPR), presented a compelling business case for privacy compliance and inspired many other jurisdictions worldwide to follow," said Bart Willemsen, research vice president at Gartner . Data Privacy Compliance Market Development More than 60 jurisdictions around the world have proposed or are drafting post-modern privacy and data protection laws. Canada, for example, is looking to modernize its Personal Information Protection and Electronic Doc...

Cybersecurity solutions demand has remained strong during 2018, as more CIOs and CTOs need to ensure that their digital transformation projects have a high degree of digital trust built-in. Data privacy-related legislation has also fuelled the market for expert professional services that are skilled in IT security compliance. According to the latest global market study by International Data Corporation (IDC), worldwide spending on security-related hardware, software, and services is forecast to reach $133.7 billion in 2022. Although spending growth is expected to gradually slow over the 2017-2022 forecast period, the market will still deliver a compound annual growth rate (CAGR) of 9.9 percent. As a result, security spending in 2022 is anticipated to be 45 percent greater than the $92.1 billion forecast for 2018. IT Security Market Development "Privacy has grabbed the attention of Boards of Directors as regions look to implement privacy regulation and compliance standards ...

Cybercrime is a growing threat to corporations and their customers, who are increasingly using online web services and mobile apps. Several regulatory mandates, including GDPR (General Data Protection Regulation) to PSD2 (Payment Services Directive 2), all require high standards of cybersecurity. From a compliance perspective, secure IT systems and data storage is now a 'must-have' requirement. In the event of a data breach, there are significant fines for non-compliance with the appropriate data protection guidelines. Due to ongoing regulation enforcement, some companies are already facing fines for not disclosing data breaches. Furthermore, the lingering damage to their commercial reputation may be difficult to quantify. Cybersecurity Market Development According to the latest worldwide market study by Juniper Research, over 33 billion records will be stolen by cybercriminals in 2023 alone -- that's an increase of 175 percent over the 12 billion records expected t...

The dramatic increase in internet-connected devices has created a significant attack surface for hackers and cybercriminals. Applications for the Internet of Things (IoT) are growing. As a result, the related challenges associated with IoT data security and privacy will increase with time. Whether their motive is simply mischief, theft, or some other goal, the impact of IoT-related criminal activities can be far-reaching and very costly. Vendors of cybersecurity software and services will, therefore, experience growing demand for their offerings. IoT Security Market Development According to the latest worldwide market study by Juniper Research, spending on IoT cybersecurity solutions is forecast to reach over $6 billion globally by 2023. The analyst has highlighted rapid growth, with spending by product and service providers (in consumer markets) and end-customers (in industrial and public services markets) to rise nearly 300 percent over the forecast period. Ju...

Compliance with IT security and data privacy regulation is of growing concern to most European organizations. Businesses large and small are scrambling to assess their General Data Protection Regulation (GDPR) readiness, with less than a year to go until its implementation on 25 May, 2018. GDPR is a regulation by which the European Parliament, the Council of the European Union and the European Commission intend to strengthen and unify data protection for all individuals within the European Union (EU). The new framework demands a reassessment of the everyday operational structure for businesses that handle personal data in the EU. The aim of the GDPR is to protect all EU citizens from privacy and data breaches in an increasingly data-driven world that is vastly different from the time in which the 1995 directive was established. Although the key principles of data privacy still hold true to the previous directive, many changes have been proposed to the regulatory policies. Penalti...