In a consumer-driven economy that relies on algorithms, artificial intelligence (AI) and predictive analytics, data is currency. However, due to the ever-changing regulatory and legislative environment, as well as an increase in cyber threats during the pandemic, business leaders are reevaluating how they use and protect customer data.

To maintain their footing in a shifting privacy and data protection landscape and preserve trust with consumers, companies should implement robust practices that align with evolving compliance obligations, rising consumer expectations and key business objectives.

Data protection is more important now than ever. Businesses can benefit from a proactive approach to strengthening their privacy and data protection practices, especially as cyberattacks grow in number and sophistication. In addition to the ongoing threats posed by social engineering attacks like phishing, malware attacks using ransomware spiked during 2021. According to Verizon research, the percentage of data breaches involving ransomware doubled in 2021 compared to the previous year, and more than one-third of global organizations (37%) were victimized by some form of ransomware last year, per IDC. The persistent problem of cyberattacks shows no sign of slowing, as threat actors continuously adapt their tactics to exploit vulnerabilities and counter defenses.