Data is an essential commodity traded today for economic growth, competitiveness, innovation, job creation and societal progress in general. Today’s end-to-end business model relies heavily on data to meet its financial, operational and informational requirements.

According to Gartner’s top five trends in privacy through 2024, Gartner predicts that 75% of the global population will have their personal data covered under privacy regulations. In this race, a number of personal information regulatory obligations are likely to be included in upcoming biometric laws, artificial intelligence laws, and privacy laws at the global, national, state, and sectoral levels.

Since the advent of the EU GDPR global privacy law, the regulatory evolution has been the dominant catalyst for the operationalization of privacy.

To transform, manage and future-proof privacy requirements, the optimal approach to data governance and protecting personal information is proactive, privacy-by-design management rather than reactive, compliance-checkbox management. The reactive, compliance-fit approach most businesses take is an inefficient and costly use of enterprise resources, resulting in a patchwork of technical and organizational controls vulnerable to data compromise and immature operations.

Investing in a robust baseline privacy building block enables a culture of privacy with a shared top-down understanding of how personal data can and should be used to support strategic objectives – driving data governance, improving data insights, and risk management of personal data through its lifecycle. Furthermore, it enables enterprises to share data with confidence in order to meet greater business challenges.