It is no secret that privacy issues and concerns sit at the forefront of business actions, online activity, and government decisions. For example, artificial intelligence (AI) is now used in several of the applications that drive the digital workplace. This is why many enterprise managers are starting to question the implications and ramifications this will have for privacy. And this is not merely speculation; privacy issues stemming from the use of AI raise serious concerns for businesses and consumers. Privacy issues also arise in response to the data breaches, scandals, as well as personal data leaks that have considerably eroded confidence in information technology and information systems.
In the battle between future markets and higher market shares, automated systems and artificial intelligence technology is what will decide the winner, taking them ahead of their competitors. The next decade in AI and ML is expected to turnover 21B Euros worldwide. However, the only possible impediment it needs to address is Data Privacy. As the usage becomes more wide spread, security and privacy aspects of AI & ML are becoming supremely important as people are more conscious and concerned about how their data is being protected and how safe their data actually is. While the benefits of the advancements are immense, the risks are also increasingly becoming higher.
There is a trade-off between technology innovation and security. The adoption of emerging technologies like 5G will fuel the proliferation of Internet of Things (IoT) which are often built with basic security controls, creating a larger attack surface. At the same time, reliance on data means that data breaches can cause greater damage.
Banks and financial institutions conduct business in an industry that is highly regulated. Banks need to keep the risk, regulatory, legal, info-security teams in sync with what they are trying to achieve right at the ideation stage of a product or project. There are typically processes in place in banks and financial institutions that vet each product or service before launch; however, it is highly critical in today's world to pay special attention to user data and privacy checks. Customers trust banks inherently and thus put a tremendous burden on banks to be trustworthy and to follow the rules and to protect the interests of their customers. Banks still carry the most significant responsibility when it comes to transparency.
But there is no doubt that the pandemic has hastened the adoption of emerging digital technologies, ushered in a new era of remote and flexible working arrangements, increased organisations' reliance on digital infrastructure and exposed our tech-related strengths and weaknesses alike. Leaving 2020 in the rear-view mirror, we count down our top 10 predictions for 2021 and beyond in the domain of Digital Law in Australia. Despite an existing principles-based framework for the protection of privacy under the Privacy Act, in recent years the Federal Government has preferred to introduce parallel privacy requirements, such as the 13 Privacy Safeguards under the Consumer Data Right legislation and the privacy aspects of the upcoming Data Availability and Transparency Act for Government agencies. These nascent regimes are similar enough to the existing privacy regime to encourage complacency and different enough to give any compliance function a headache. Overlapping and often sectorial regulation adds to the increasing complexity of privacy law in Australia.