Is your private data under attack?

2017 marks a new era of data breaches, identity theft and connected devices security breaches, with high profile cases like Yahoo, Equifax and Uber just to name few. 

The governments across the world are striking back with more stringent data protection regulations, such as the General Data Protection Regulation (GDPR) in the European Union (EU) and similar regulations are in works in the United States and other countries across the globe.

On the one side, consumers face unprecedented levels of data theft, privacy violations and feel increasingly violated and vulnerable, while at the same time, businesses are facing the challenge of higher complexity to securely store and protect consumer private data, preferences, consent and permissions.

A MASSIVE AMOUNT OF CONSUMER DATA IS COLLECTED AND CONSUMER PRIVACY IS AT STAKE AROUND THE WORLD

Consider these projections from a report by Computer Science Corporation (CSC) calculating the amount of data that will be generated and will require protection.

The Rapid Growth of Global Data collection

• By 2020, over one-third of all data will live in or pass through the cloud.

• In 2020, data production is estimated to be 44 times greater than it was in 2009; experts estimate a 4,300 percent increase in annual data generation by 2020.

• While individuals are responsible for the most data creation (70 percent), 80 percent of all data is stored by enterprises.

Data breaches did not only begin when companies began storing their protected data digitally. In fact, data breaches have existed for as long as individuals and companies have maintained records and stored private information.

Existing laws and regulations such as HIPAA or the PCI Data Security Standard were created to provide guidelines for companies and organizations handling certain types of sensitive consumer information. New laws such as General Data Protection Regulation (GDPR) are created in Europe. Similar laws are in drafting stages in the United States and other countries around the globe. New laws will provide a framework for the required safeguards, storage, and use practices for handling sensitive information. Yet, these rules don’t exist in all industries, nor do they definitively stop data breaches from occurring.

New laws, like the GDPR give individuals greater control over their personal data and imposes many new obligations on organizations that collect, handle, or analyze personal data. For example, the GDPR also gives national regulators new powers to impose significant fines on organizations that breach the law.

These laws regulate the collection, storage, use and sharing of “personal data.” Personal data is defined very broadly under the law as any data that relates to an identified or identifiable natural person. And even personal data that has been pseudonymized can be personal data if the pseudonym can be linked back to a particular individual.

Omnibasis provides a comprehensive secure cloud-based solution for enterprise-wide collection and management of consumer preferences, consent and permissions across multiple channels and connected devices through our Omnibasis Data Privacy and Consent Management Platform platform. 

About Omnibasis

Omnibasis is a business management solution to run your sales, marketing, commerce, and operations powered by Blockchain technology. Visit omnibasis.com to meet the operating system for your business.