Data Privacy: More Than Just “The New Black”

The data protection market is projected to reach $119.95 billion by 2022 at a compound annual growth rate of 16 percent and increase to close to $200 billion by 2026. Since the rollout of the General Data Protection Regulation (GDPR), “privacy by design has made privacy as a profession one of the fastest growing and hottest verticals in and outside of the legal job market,” according to Jared Coseglia, the chief executive officer of TRU Staffing Partners in a recent article. The GDPR had a massive impact, being perhaps the largest regulatory action in privacy to date. Its impact will be felt for years. While U.S. law on data privacy is notably different and lacks federal cohesion, a business’s stance toward privacy has become essential to its survival.

As the collection, use, and transfer of personal information are of heightened concern, privacy is now a major discussion in boardrooms. Because there are now a bevy of new and developing data disclosure requirements, limitations on the use and sale of private data, and requirements on contractual arrangements (among others), the need to understand, comply, and avoid potential enforcement actions and violations is at an all-time high. Media attention surrounding data breaches, cyberattacks, and unauthorized sharing of personal information is further disquieting business and adding to the corporate worry bucket.