Around the office, we talk a lot about how cyber attacks affect companies across many industries. We also often end up discussing the privacy industry itself. In a nutshell: it’s growing. And not just for the known players in the space. The industry is also seeing the introduction and proliferation of start ups and fresh faces.
Last month the IAPP released their 2019 Privacy Tech Vendor Report, which discusses new players and already established entities in the privacy space, providing some interesting insights into why the privacy profession is seeing so much growth.
Here are a few key takeaways from the privacy tech report that we’ve been discussing here at RadarFirst:
- Since the report’s last iteration earlier this year, 32 new vendors have entered the marketplace. The IAPP Tech Vendor Report now has more than 225 vendors listed in its pages.
- One of the biggest contributors for the growth in the last year is the GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act). These attention-grabbing regulations are cause for discussion (and growing budgets) among companies both large and small.
- Another reason for growth? Consumers are getting more savvy about privacy concerns and demanding more privacy considerations from the companies that hold their personal, identifiable information.
Looking toward the future, the report also included what privacy professionals think the most sought after service will be. Data mapping, data discovery services and assessment management were the top solutions privacy pros sought, while deidentification and pseudonymity were the least likely to be purchased. Another indicator of the health of our industry, is the amount of the investment coming into these companies which validates the work we’re doing as privacy professionals. Venture capitalists invested $500M in 2017 in privacy-related startups and more than $500M in 2018.
At the end of the day, the findings of this report indicate that many companies are taking privacy seriously and making the necessary investments to keep private data protected – and the value of automation and harnessing technology to manage the burden of the work privacy professionals have on their shoulders.
Webinar Next Week:
Year in Review: Trends in Changing Data Breach Notification Laws
Thursday, November 14th at 11:00am ET/8:00 am PT
If you’d like to share what privacy and data breach news is currently on your radar, we would love to hear from you at [email protected].