28 January 2024 is Data Protection Day (or Data Privacy Day outside of Europe), which marks the anniversary of the Council of Europe’s Convention 108. Data Privacy Day encourages the global community to think about the importance of respecting privacy, safeguarding data, and enabling trust. In an increasingly connected and digitized world, where data protection, privacy and cybersecurity regulation are rapidly evolving, the work of the global data community is more vital, and more challenging, than ever.
Our Baker McKenzie team outlined our top data predictions for 2024 here, taking in AI, cybersecurity, cross-border data transfers, the importance of data and cyber risks in transactional activity, and new and developing data privacy and cybersecurity regimes across US states, Latin America and Asia Pacific.
We’ve also updated and expanded our Global Data Privacy & Cybersecurity Handbook, which provides detailed overviews and allows a comparative perspective of the increasingly complex and sophisticated data privacy and cybersecurity standards in over 50 countries. The responses to this year’s update bear out our predictions, and key insights include:
- More than 80% of jurisdictions anticipate change to key data privacy and cybersecurity laws in the near future
- Artificial intelligence will, of course, be a key area of focus for 2024. At least 30 jurisdictions already have restrictions or requirements in place relating to profiling and automated decision making, including AI, and nearly 30 have other laws in progress.
- Cyber resilience will continue to attract regulatory scrutiny in 2024. A large majority of jurisdictions reported regulatory activity relating to cybersecurity in 2023, and not just from privacy regulators: 2023 saw regulatory interest from securities, financial services, health, critical infrastructure, telecoms and network information security regulators across regions.
Finally, some of our global data practitioners reflect on what they are most looking forward to in 2024 in privacy and cybersecurity in this short video.
We wish you all a happy Data Privacy Day, and look forward to an exciting, challenging and rewarding 2024.