The regulatory environment for data is in a state of change at the moment with many countries introducing legislation to control the flow of information. This combined with growth of the IoT and digital economy is posing major challenges for business.
A new survey by identity management company ForgeRock finds 96 per cent of surveyed IT professionals agree that there is an increasing need for dynamic and flexible privacy tools. And that these need to be adaptable to future borderless regulatory requirements and consumer expectations.
The study of more than 300 IT professionals across 38 countries also finds that only nine per cent believe current privacy and consent methods are adequate. Emerging European regulations for data protection are creating a need for better tools and standards for ensuring personal data protection, privacy and consent according to 96 per cent.
In the US 84 per cent of respondents (and 87 per cent of Asia Pacific and Japan-based respondents) believe the US will eventually adopt similar personal data protection regulations to Europe. However, only 66 per cent of EMEA-based respondents believed that the US will eventually adopt similar personal data protection regulations.
95 per cent of respondents agree that individuals are becoming more concerned about their personal data privacy and their ability to control, manage and share data about themselves online. They also agree that organisations want to build trust by giving customers the ability to consent to data sharing and control over where their personal data is shared.
"As our survey illustrates, coping with regulation - privacy or otherwise - is no longer just a cost centre for organisations. As connected devices and technologies take on a greater role in public and private life, there are massive business benefits to building in new identity and data privacy solutions that can scale over time," says ForgeRock's CEO, Mike Ellis.
"Organisations clinging to legacy identity management technologies - which are currently inadequate - will be at a major disadvantage". You can read more about the survey's findings on the ForgeRock blog.