Confronted with high expectations and high stakes when it comes to data privacy, businesses must stay ahead of the curve to protect consumer rights and mitigate legal risks.
To explore these trends, we’re sharing four key trends shaping the future of data privacy from two industry professionals—Taryn Crane, Privacy & Data Protection Practice Leader at BDO, a Relativity Gold Provider Partner, and Beth Kallet-Neuman, General Counsel and Vice President of Legal at Relativity—who spoke on a recent webinar moderated by Matt Preyss, a senior product marketing manager at Relativity.
- Guiding Principles: Businesses should use common principles like transparency, notice, data minimization, and consumer choice to navigate complex privacy regulations. These principles help ensure compliance and protect consumer rights.
- Privacy by Design: Emphasizing the "shift left" approach, the article suggests integrating privacy early in the business process. This proactive mindset reduces future compliance issues and fosters institutional change.
- Clear Communication: With no federal privacy law, businesses must adhere to existing regulations and be transparent about their privacy promises. Ensuring cookie banners and privacy notices are accurate is crucial to avoid non-compliance.
- AI and Data Privacy: As AI evolves, businesses must carefully monitor its implementation and adhere to privacy and risk assessments. Cross-team collaboration is essential for a consistent privacy strategy.
The article also addresses data minimization, emphasizing the importance of collecting only necessary data and regularly reviewing data retention policies to mitigate risks. Building a culture of trust through collaboration and transparency is vital for successful data privacy management.
Leaders Should Focus on AI Governance as They Develop Their AI Strategy
A diverse group of stakeholders should contribute to an organization’s AI strategy and governance. This group should include leaders from privacy, security, and compliance who are defining the use cases that are most valuable and impactful. There should also be data scientists who are advising the group on model development and testing.
BDO’s Taryn Crane, Privacy & Data Protection Practice Leader, joined a panel on Nasdaq TradeTalks to talk about AI development, adoption, and compliance.