The volume of data is enormous. Organizations have realized the importance of employing specific data analytics tools to drive potential benefits. Enterprise data will be crucial to business success in 2023 and beyond. Despite technological advances in data analytics, the uncertainty regarding data privacy is still significant in the tech world.
In today’s world, PETs or Privacy Enhancing Technologies are unavoidable.
With the growing volumes of data, its privacy is a big challenge for enterprises worldwide. A significant data breach can be disastrous in many ways. Therefore, data privacy is being taken seriously. Today, around 75% of countries have implemented laws for data localization. As a result, cross-border data sharing and collaboration have become more challenging for multinational corporations.
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More international businesses or those involved in cross-border data sharing will use privacy-enhancing technologies (PETs) in the upcoming year to address data minimization issues.
The next few years will see dependency on PETs to safeguard the confidentiality of commercially sensitive data. The concerns related to data localization are expected to persist for a long time.
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PETs enable tracking of data transfers across borders, secure the privacy of data being transferred between jurisdictions, and halt transfers in case of any significant concerns or suspected possibilities of any breach.
As another trend, Regulators are expected to pay attention to PETs, and they will need to develop frameworks to evaluate how these technologies may affect competition and data access more broadly.