‘Data is a precious thing, and will last longer than the systems themselves.’
– Sir Tim Berners-Lee, Inventor of the World Wide Web
Today, data generates more economic value than the transnational flow of goods and services. By harnessing the consumer-data opportunity, brands can create a viable pathway to profitable growth. Yet, rising geopolitical instability and economic uncertainty have converged to create a perfect storm of factors that have heightened data privacy threats. A spate of recent high-profile data breaches has borne out this adverse reality, and led to an increased consumer awareness of data privacy rights and risks.
In response, governments in the APJ region are evolving their data privacy legislative regimes to remain fit-for-purpose in a fundamentally transformed economic landscape. Whilst regulations often lag developments in the economic sphere, the APJ region presents a further challenge to lawmakers, due to its diversity of markets that span both emerging and developed economies. To overcome this challenge, governments must develop data privacy regulations that balance national interests with global digital competitiveness. The common denominator in any effective data privacy regulatory framework, however, is promoting consumer privacy protections.
Putting Privacy Principles First
Recently, the Australian Government passed the Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022 [PLA]. The PLA came into effect on 12 December 2022, and amended the federal Privacy Act 1988 [Privacy Act] to create one of the most stringent privacy penalty regimes in the world. For organisations seeking to remain viable, the stakes have never been higher and the time to act is now.
Specifically, the PLA has enacted the following measures to significantly strengthen privacy protections:
Raising the Regulatory Bar: Privacy as a Key Growth Driver
Whilst the Privacy Act amendments represent a significant shift in the Australian Government’s approach to privacy regulation, it is only one step in a broader regional trend towards raising the regulatory bar in data protection standards. For example, Japan’s Act on the Protection of Personal Information [APPI] was recently amended to enhance the regulation of data acquisition, use and provision to third parties. The APPI has been granted an EU adequacy decision, which demonstrates a high level of personal data protection that is comparable to that of the EU’s GDPR. Similarly, Singapore’s Personal Data Protection Act 2012 [PDPA] has recently increased its cap on financial penalties, whilst introducing a mandatory data breach notification requirement.
Boost Digital Trust: The Building Blocks to Privacy-Readiness
As digital transformation accelerates, prioritising privacy will be critical to competitive advantage. Below are immediate practical steps to evolve into the privacy-enabled organisation of the future:
As privacy and consent market leaders, Tealium and Deloitte have collaborated to create a centralised consent management solution designed to enhance privacy-readiness in line with evolving data privacy laws. Learn how Tealium and Deloitte’s centralised consent management solution could benefit your organisation by accessing our complimentary white paper: Consumer Data Right: The New Value Exchange.