- 2023 brought significant developments, including the EU-U.S. cross-border data framework, reflecting a cautiously optimistic progress in international data transfers.
- The U.S. saw an expansion in state-level privacy laws, signaling a broader definition of sensitive data and a push for stronger consumer privacy protections.
- Advances in AI technology prompted the Biden administration to outline principles for safe, equitable, and unbiased AI usage, laying the groundwork for future regulations.
- The FTC’s increased requirements for breach notifications and the expansion of existing laws like the Graham-Leach-Bliley Act indicate a heightened focus on privacy and cybersecurity.
Looking ahead to 2024:
- Expect more state privacy laws and potentially a federal privacy law with bipartisan support, especially focusing on children’s privacy and AI regulation.
- Privacy and cybersecurity compliance is non-negotiable—investing in these areas is investing in your company’s value and consumer trust.
According to Yugo, forecasts suggest AI will integrate more deeply with privacy concerns, emphasizing the need for privacy by design and proactive compliance strategies.
Watch the full episode for a comprehensive understanding of these crucial changes and practical advice for staying ahead in the privacy sector. Your data, your business, and your reputation depend on it.