Companies are trying to upgrade their data privacy regulations to prevent data breaches.
Tim Cook, Apple’s CEO, states that, “Criminals are using every technology tool at their disposal to hack into people’s accounts. If they know there’s a key hidden somewhere, they won’t stop until they find it.”
So, organizations need to focus on data privacy statistics and trends to prepare themselves.
Data Privacy Statistics: What Does The Market Look Like?
Leading data privacy market to be North America.
- The international data privacy market is worth $1,692 million.
- 92% of Americans have online privacy concerns
- The market revenue can exceed $35,088 million by 2030
- 44% of data hacks were of personal information
- 66% of customers support privacy laws
- More bank transfers will boost the market
Demand for Control and Data Transparency
Customers will demand data control in the future.
- 79% of users feel they don’t understand how companies utilize personal data.
- 76% of userswon’t share data with companies they don’t trust
- 64% of customers have federal data privacy worries
- 93% of Americans want more personal data control
- Need to view, access, delete and download data will increase
Increased Requirement for Data Protection Officers (DPO)
DPOs will be needed for maintaining data regulations.
- The demand for Data Protection Officers has increased by up to 700%
- This need will rise up to 33% by 2030
- The average salary will be between $20,500 to $174,500
- They will review security and compliance reports
- Handling of cloud deployment of digital products
Rise of First Party Data
First-party data helps develop personalized campaigns.
- Only 7% of customers prefer sharing their information with third parties.
- Can boost marketing revenue by 40%
- Increases marketing efficiency by 30%
- 85% of US companies feel first-party data is a priority
- Helps maintain data security and transparency
Adoption of More Data Privacy Regulations and Laws
General Data Protection Regulation launched in 2016 is transforming data laws globally.
- 137 countries are adopting a privacy legislation
- Almost 76% of countries have implemented better regulations
- 15% of countries do not have data laws
- Ignoring GDPR can result in 2% of annual turnover as penalties
- The rules cover web data, biometric data, and health data
- 80% of companies have updated their policies
- 47% of organizations are updating their site cookie rules
- Use of opt-in contacts will also increase gradually
How Are Social Media Platforms Dealing With Data Privacy?
Platforms like Facebook are adopting strategies to enhance data privacy:
- Developing privacy policies and maintaining them
- Ask for user consent when collecting data
- 18% of users feel their data is secure
- Describing how user data is utilized
- Focusing on data privacy statistics
Data Security and Privacy Job Market Will Prosper
Companies will require experienced professionals to identify and reduce security gaps.
- There might be more than 75% of data privacy jobs in corporates
- Privacy roles and requirements have exceeded more than 30%
- Increased need for data verification and compliance trainers
In the coming years, the data privacy industry will be worth $25.85 billion by 2029.
The demand for entry-level cybersecurity professionals will rise. Also, it’s expected that DDOS attack numbers may increase up to 15.4 million.