Reflecting on the Year in Risk and Compliance
The year 2018 has been filled with headlines that have forced many individuals and businesses to reevaluate their approach to risk. From the Cambridge Analytica scandal to the Magecart attacks, and the use of cryptomining software, the year has been a wake-up call for many in terms of cybersecurity and data privacy.
A Shift in Risk Landscape
Peter Lefkowitz, chief digital risk officer at Citrix, shared his insights on the year in risk, highlighting two key areas of focus: privacy, security, and compliance, and the changing social media landscape. According to Lefkowitz, the implementation of GDPR in May marked a significant shift for companies in terms of accountability, consent, and security measures. Companies had to adapt to new regulations and focus on securing and managing data more effectively.
For individuals, GDPR provided a sense of control over their personal data and increased transparency regarding how companies use their information. The compliance regulations set a higher standard for data protection and storage, ultimately reducing the risk for data breaches and misuse.
Social Media and Data Privacy Concerns
The year also saw a spotlight on social media platforms like Facebook and the implications of personal data misuse. The Cambridge Analytica scandal shed light on the unauthorized use of user data and raised concerns about privacy and security. Lefkowitz cautioned against overreacting and jeopardizing the benefits of social media and analytics in the process of addressing data privacy issues.
Furthermore, cybersecurity threats such as the Spectre and Meltdown bugs highlighted vulnerabilities in devices and the importance of prompt and effective responses to security breaches. Lefkowitz emphasized the need for proactive measures to address security concerns and prevent future incidents.
Impact of GDPR and Compliance
GDPR had a significant impact on risk awareness and compliance efforts, prompting individuals to become more vigilant about their online presence. Businesses faced challenges in complying with the regulations but were pushed to enhance their security programs and transparency measures. Lefkowitz noted that GDPR ultimately fosters confidence among the public and drives technological advancements in data protection.
Looking Ahead
As 2018 comes to a close, Lefkowitz described it as a “consolidation year” where lessons learned will pave the way for stronger compliance programs and innovation in the coming year. He likened the experience to building a championship team, where each season brings new challenges and opportunities for growth.
While the year may have been marked by increased risk awareness, it has also highlighted the potential for technological advancements and economic growth in a connected world. As we move into 2019, the focus on compliance and risk management will continue to drive progress and innovation in the digital landscape.