In the wake of a tumultuous 2023, marked by geopolitical upheavals and technological breakthroughs, we stand at the threshold of a decade poised for unprecedented change.
In the wake of a tumultuous 2023, marked by geopolitical upheavals and technological breakthroughs, we stand at the threshold of a decade poised for unprecedented change. The conflict in Ukraine, escalating Middle Eastern tensions, and the dynamic U.S.-China relationship have set the stage for a future characterised by uncertainty and transformation. An "axis of disruptors," including China, Russia, North Korea, and Iran, has emerged, challenging established norms through a unique synergy of disruptive tactics.
This era is not just about military confrontations; it's about a more subtle, strategic struggle where incremental disruptions collectively threaten global stability. These acts range from cyber attacks and disinformation campaigns to nuclear intimidations, aiming to erode trust, unity, and technological superiority gradually.
In parallel, 2024 is poised to be a pivotal year for businesses in the realm of global data privacy and cybersecurity, as per the Baker McKenzie “Top 10” Predictions.
The rise of AI platforms like ChatGPT has brought forward legal and regulatory challenges. AI-enhanced cyber threats are expected to escalate, with threat actors leveraging AI for sophisticated attacks. Businesses are responding with advanced defences, including phishing-resistant authentication and enhanced training.
The legal landscape in the U.S. is set to intensify with privacy class actions and regulatory investigations, particularly focusing on cookies/ad-tech and cybersecurity breaches. The EU, meanwhile, will witness the rise of collective actions, driven by the EU Collective Redress Directive, enhancing enforcement activities related to data protection.
China, in its Year of the Dragon, will intensify enforcement of its major cybersecurity and data protection laws, focusing on critical infrastructure and "important data" handling companies. In the EU, the AI Act and the expanded Network and Information Security 2 Directive will make cybersecurity a board-level issue across industries.
In the U.S., the proliferation of comprehensive data privacy laws will continue, with a dozen more states expected to enact such legislation in 2024, addressing key issues like children’s privacy and AI. The APAC and LATAM regions will also see new data privacy and cybersecurity regulations, with significant changes expected in countries like Vietnam, India, and Indonesia.
Mergers and acquisitions in the fields of AI, automated decision-making, and data will increasingly focus on cyber and privacy risks. The new SEC cybersecurity rules are set to bring about quicker public notifications of cybersecurity incidents, prompting companies to invest in robust internal incident response plans.
Furthermore, the EU-US Data Privacy Framework (DPF) is anticipated to gain more traction, becoming the preferred mechanism for cross-border data transfers between the EU and the U.S.
Despite potential legal challenges, such as the anticipated Max Schrems’ challenge to the DPF, it is expected to play a significant role in facilitating business integration between these regions.
As we step into 2024, the interplay of geopolitics, technology, and data privacy will be key in shaping the global landscape. The strategies and policies adopted by nations, businesses, and individuals in response to these developments will be critical in navigating the complexities of this new era.
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