Three Macrotrends to Prepare for 2023

By Dave Perret

As we prepare to wave goodbye to 2022, there are new Sensitive Data challenges ahead that companies will have to prepare for in the upcoming year to keep Personal Data private and prevent unwanted leakage.

Possible cuts to Cybersecurity budgets - With all the uncertainty around the economy in 2023, and a possible worldwide recession on the horizon, C-Level leaders and their organizations will have to make some difficult decisions as they plan budgets. Gartner, a leader in providing insights to enterprises for over 40 years, predicts organizations will continue spending on IT, but it will be at a much slower pace than in 2023. This could lead to organizational risk due to short-staffing, cutbacks on technology and tools to combat cyber-attacks, and outdated solutions around cyber-security tools. The need to do more with less will be paramount in 2023.
If you are doing business within the United States, a plethora of new states will be coming online to add to the patchwork of Privacy laws companies will have to deal with. They include Utah’s UCPA comes into effect on December 31^st this year. On January 1^st of 2023, California’s CPRA and Virginia’s VCDPA will start being enforced. On July 1^st of 2023, you will have to be on the lookout for Connecticut’s CTDPA, and Colorado’s CPA.
Lastly, the United States, and the European Union are preparing a pact on data transfer to go into effect in 2023. The draft decision will implement a Data Protection Board and to facilitate the transfers of personal data that benefit individuals and companies in the EU and U.S. Both sides clinched a deal in March, helping companies, which found themselves in a legal abyss after Europe's top court struck down the previous data transfer accord in 2020 on concerns about U.S. intelligence agencies accessing Europeans' data, with a path forward.

As companies move forward into 2023, they will have to do more with less, be aware of new US state laws, and navigate new US-EU rules around data privacy.

iDox.ai can help mitigate risk by helping you audit your documents, X-Rays image files, receipts, etc. by checking your unstructured data for personal medical information. Once located, you could move that data to a more secure location, perform DSAR request, as well as extract that info and use it to tools to create useful reports and studies with it. If different versions of the same file exist, you can search for that specific information within unstructured data files to make sure your records are accurate.

For more information on iDox.ai’s best in class Sensitive Data Discovery and Redaction suite of tools go to www.iDox.ai for more information and evaluate it with a 14-day free trial.

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Feb 24, 2023