The Future of Data Privacy and Security in the Digital Age

Introduction

Transcending borders and elites, the digital age has truly democratized knowledge, economy, and politics. The digital economy has spawned new disruptors challenging the traditional giants. Governments regard the Internet as a separate jurisdiction while wrestling with powerful social forces enabled by the Internet. How then can national governments also ensure human rights, stability, and security? The massive data breach of over 143 million consumers in 2017 is one in a constant drumbeat of alarming data breaches, confirmed as the grim reality of the digital age. Financial and personal losses underscore an accelerating escalation of the quantum and pervasiveness of the harms of misguided or unrealistic data privacy and security policy initiatives in our increasingly interconnected world.

1. The Evaluation of Data Privacy
   The collection and misuse of personal information by entities with whom we interact online is one of the most pressing public policy issues of this decade and beyond. Every day, billions of people worldwide use the internet to communicate with friends and colleagues, obtain information and services, and make purchases. In doing these things, we inadvertently disclose very personal information about ourselves to the providers of these products and services. To fulfill our requests, businesses and governments must collect, store, and process ever-growing amounts of data about what we do online. The widespread availability of internet-connected computers, mobile phones, and devices that can monitor the world around us has generated volumes of personal information that were once unimaginable. This new confluence of mobile devices, cloud computing, and innovative software is igniting a broad expansion of applications that use personal data. But businesses that collect or use personal data are repeatedly targeted by hackers seeking to exploit vulnerabilities, convince users to provide information they should protect, or access improperly stored data. With these systems conducting trillions of transactions and storing increasingly sensitive information, far-reaching issues about data privacy and security are front and center.

1. Current Data Privacy Regulations
   After the creation of the Privacy Shield in 2016, many multinational enterprises were assured of their allowable access to the personal data of European data subjects. However, due to changes in trade regulation, a redesign of the Privacy Shield became necessary and led to its most recent suspension on July 16, 2020. A newer and potentially more global trade deal with respect to personal data protection is now needed. What lessons did companies learn after the suspension of the Privacy Shield and in the years of its functioning? Given that a new framework between the EU and the USA is planned, how could it be built? Should either the USA seek adequacy with the EU or should it enhance its data protection laws? Or should more power be granted to the European Data Protection Board? Could this then pave the way for the transatlantic flow of personal data? These questions form the focus of our investigation. With so many countries, both within the EU and beyond Europe, joining the GDPR bandwagon, there would be data flow friction at national borders unless a suitable data protection deal is concluded. How is the USA approaching this, or indeed are more countries seeking adequacy, a better alternative?
   In the Fourth Industrial Revolution, the digital economy is part of the larger system that will accelerate shifts in the real economy, and data will be at the center of this transformation. While the digital economy has created many opportunities, it faces challenges, such as the abuse of data by companies and the irrational and unsystematic data development practices of governments. The increasing tension between countries and regions in data governance will increasingly distance the digital economy from the linear development trajectory of the real economy, thus becoming a major obsession hindering global economic governance development on the digital frontier.

1. The Impact of Social Media on Data Privacy
   Social media has the potential and capability of accessing shared information about the processes that affect us without proportionate transparency over that process. The sharing of personal information through social media puts individuals at risk of identity theft, face recognition technologies, and unintended use of personal information. The discussions in these social media forums are stored and maintained on servers owned by businesses. The owners of these forums sell these discussions and the social graphics of the people to other interested entities or parties. Manufacturers of computers and mobile phones are institutionalizing and integrating social networking platforms into the interface of these gadgets as a core business model. These manufacturers extract money from consumers engaged in networking by sharing discussions among them. The models for the imposed cost structure are several but are essentially based on systems relying on social graphics of the users

1. Data privacy touches upon a variety of legal issues as well as ethical and commercial considerations. Proxy anonymization, a concept that is fast spreading in usage for widely recognized reasons, has been invented but not understood. Random bit analysis in databases and how to verify anonymization will be new challenges worldwide. Displaying and storing objects such as images and voices with the privacy of individual subjects intact and with wide access for anyone to enjoy the object as a whole without any interaction with other subjects will gain importance. Future privacy, including new frontiers in privacy technology, has become a fertile field that will increase in size. The central core, in which random bit design will play a major contributing role, has been seen to need and utilize deep new mathematical ideas from Galois fields.
   Currently, technological capabilities and privacy needs seem to be insufficiently in sync with each other. With further development of core mathematical technologies and further evolution of newer.

1. Conclusion
   As we move further into the digital age and the explosion of new technologies continue, the threats to data privacy will increase as well. This is true even now, which experiences more and more high profile breaches each year. In fact, a record-setting high of 43,000 breaches has already been reported for 2019 alone and over 14 billion records breached since 2013. The trend toward more digitization and online storage of personal information among other data assets in the years to come promises no relief on the concerns for data privacy and security. Undertakings to improve legal and regulatory frameworks are undoubtedly essential and have always played a relevant role in ensuring data privacy, but they should also adapt to the fast-changing digital world.