In 2023 the industry will experience events and trends that will continue to shape how businesses are run. One of the biggest shifts will be how our views on data privacy and cybersecurity will shape our actions. To get a sense of what to expect we got a couple of insights from two security experts with Egnyte.
Jeff Sizemore and Neil Jones had this to say about what we can expect in the coming year:
Jeff Sizemore, Chief Governance Officer, Egnyte
“With personal privacy increasingly viewed as a global human right, data privacy gained much-needed momentum in 2022 with the passage of U.S. state-level laws and introduction of the federal American Data Privacy and Protection Act (ADPPA). And with 10% of U.S. states to be covered by privacy legislation by the end of 2023 (California, Virginia, Colorado, Connecticut and Utah), movement toward a federal law is not a matter of if but when. Federal legislation will allow the U.S. to align with other nations on data privacy and continue the motion so others can follow suit. It will also provide vendors and users with more clarity on how to use, store, and manage sensitive data.
Regardless of a new federal law or a series of state laws, privacy regulations will keep coming in 2023, and we will continue to see them appear across industries. For example, the Consumer Financial Protection Bureau recently began rulemaking around personal financial data rights under the Dodd-Frank Act.
Therefore, organizations must respect data privacy and stay on top of rapidly-evolving regulations. This includes the Cybersecurity Maturity Model Certification (CMMC), which is anticipated to go into effect by the U.S. Department of Defense in May 2023. With enforcement of these regulations becoming more strict, I also expect fines and litigation for noncompliance to increase in the new year.”
Neil Jones, director of cybersecurity evangelism, Egnyte
“For the first time in a long while, cybersecurity is being viewed as a strategic investment rather than a budgetary line-item. I anticipate this trend to accelerate in 2023. By following effective cybersecurity practices like the implementation of ongoing, company-wide cybersecurity training, maximizing endpoint security, and limiting access to data on a ‘business need to know’ basis, organizations can alleviate downtime and improve employee productivity. Over the long haul, cyberattack prevention is almost always less expensive than passively waiting for an attack to occur. At a time when businesses are managing expanding data volumes, cybersecurity must be an always-on company priority.”
