View from Peter Lancos, CEO
"Welcome to eXate's Global Data Diaries. This week we speak about the growing demand and necessity for Privacy-as-a-Service."
One of the main problems faced by organisations is related to budget utilisation. The security team usually has the budget to invest in security solutions but is often faced with a dilemma of making investments. This is mainly due to the fact that the team feels that such investments bring with it the requirement of the right kind of human resource, equipped with the necessary technical skillset. Apart from being a security issue, this also translates into a human resource issue. One of the most sustainable options are using Privacy-as-a-Service (PaaS) or Data Protection-as-Service (DPaaS) tools.
PaaS or DPaaS solutions allow users to comply to regulations such as GDPR, while protecting data at the very root, i.e., data stored on the cloud, on premise, or in a hybrid fashion and data flowing through APIs. These tools also address the need for deploying skilled manpower if an investment is made. This means that when the data privacy requirements are outsourced to a trusted provider, the requirements are gathered by the experts at the provider's end. Depending on the payload sizes that have to be protected, a fee is charged from the organisation.
The PaaS platform, if chosen correctly will be able to create a bridge between the three ‘lands’ that are usually kept separate: technical tools, regulations and skillset. They would be bound together by moulding a special ‘toolbox’ to solve present and future issues.
Instead of spending money on human resource, organisations can choose to invest in a good platform that meets their requirements. Additionally, the amount of money that should be invested in such solutions can be estimated with the help of the Gordon-Loeb Model, which suggests that a company should invest less than, or at most equal to, roughly 37% of their estimated losses from their security breaches.
The Privacy Revolt: The Growing Demand For Privacy-as-a-Service
There’s one thing just about every company has in common right now. Without even necessarily meaning to, they have in some way become the proprietor of a new kind of wealth. I’m referring of course to their customers’ data. But the flipside to acquiring that data is your customers now hold you to certain expectations: namely, that you’re taking steps to safeguard their privacy.
Data Protection as a Service (DPaaS) Market Potential Growth, Share, Demand and Analysis of Key Players
The global data protection as a service market size was US$ 19.71 billion in 2021. The global data protection as a service market size is forecast to reach US$ 173.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 27.3% during the forecast period from 2022 to 2030.
US and EU reach breakthrough in data protection dispute
The powers announced an "agreement in principle" during a visit by President Biden to Europe to build transatlantic unity over the Russian invasion of Ukraine.