Navigating the challenges of privacy laws and security costs

Aon’s global privacy tech director spoke to SiliconRepublic.com about the evolving privacy landscape and why security costs so much.

While data is growing and transforming industries all the time, the privacy landscape is also changing. This means companies need to navigate the murky waters of being able to effectively use the data they have while also ensuring they adhere to varied privacy laws.

While data has no borders, privacy laws do, meaning one of the biggest challenges businesses face is having a solid understanding of the privacy regulations they are subject to.

Aon’s global privacy tech director, Tharishni Arumugam, recently spoke at the Analytics Summit 2021 in Dublin about these challenges.

“Cross-border transfer still remains one of the most contentious regulatory issues between different countries or different blocs like the EU,” she said.

“I think the other issue is emerging technology and the framework that needs to be in place in order to deal with emerging technology. It shouldn’t be a tick-box exercise, it doesn’t have to be that. It has to be every single person in that value chain understanding what we’re doing.”

For companies, Arumugam said it’s important to understand that privacy laws are not there as a form of hindrance to using data, but to ensure that it’s used in a way that positively impacts the individual.

“The laws don’t exist to just tell companies … ‘you’ve done it wrong’. But it’s really, ‘Hey, make sure that you’re thinking about everyone in the community and the impact of what you’re doing to individuals.’”