2024 Predictions for Information Governance

2024 will see an even larger role for technology in data management and privacy. Here are the key predictions for information governance and their impact on businesses of various sizes, as highlighted in a post on Robinson Coles’ Data Privacy and Security Insider blog.

• More companies will be using AI and automation for data analysis, classification, and management, enhancing risk identification and compliance, streamlining workflows, and boosting overall operational efficiency. 
• Data privacy and security will remain paramount concerns, influenced by escalating data breaches and cyberattacks. Regulatory measures like the California Consumer Privacy Act (CCPA) and the European Union’s General Data Protection Regulation (GDPR) are driving businesses to be proactive about protecting sensitive data and ensuring transparency in their data practices. 
• Collaboration across departments will be a crucial factor in successful information governance, with a significant shift towards closer collaboration between legal, compliance, risk management, and IT. By fostering a collaborative mindset and providing cross-functional training, businesses can empower their workforce to navigate the complexities of information governance effectively, mitigating potential risks. 
• Blockchain technology is predicted to play a pivotal role in reshaping information governance. Although blockchain has been adopted for secure and transparent transaction ledgers, it is expected to achieve a significant uptick by 2024. By enhancing data integrity, mitigating the risks, and ensuring trust and accountability, blockchain technology will change the way we handle and secure information.
• As businesses increasingly rely on data-driven decision-making, greater emphasis will be placed on ethical data practices. Organizations will need to invest in enhancing data literacy among their workforce and establishing clear guidelines and protocols to navigate potential ethical dilemmas.

Technology, regulations, and ethical considerations are the future of information governance. Proactively adapting to these changes will ensure that businesses will thrive in a data-driven world.