Leaks of confidential customer data, whether the result of malicious hacks or corporate missteps, are a growing threat across industries. In the first half of 2018, there were 945 major data breaches globally that exposed more than 4.5 billion records, a 133% increase from the previous year. At the same time, governments around the world are tightening rules around data management.
The European Union’s General Data Protection Regulation (GDPR), which went into effect last year, has required companies to become more transparent and responsible with consumer data and has given individuals greater control over their information. It is likely that similar regulations will emerge in the United States and elsewhere. Meanwhile, the amount of data companies collect and store continues to grow, along with consumer expectations for data-driven personalized service.
Author: Patrick Stokes