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Privacy megatrend: Emergence of trusted technology first movers

A confluence of the first five megatrends will create once-in-a-generation opportunities to establish trusted technology standards.

Why will it happen?

Attitudes about socially acceptable technology are expected to continue to evolve and sometimes conflict, hinging on the way that technology innovation, public opinion and regulation interrelate across the three privacy regulatory poles. 

To survive and thrive, companies most affected by these trends will promote higher standards for privacy across their enterprise, supply chains and data-value chains. As a result, the first GDPR industry codes of conduct and certification systems will likely emerge in the EU.

What’s driving the pace of this trend?

  • Data-intensive technology innovation.
  • Privacy enforcement.
  • Consumer privacy demands.
  • Employee privacy demands.

How will it impact business? 

The companies that will face the greatest challenges adapting to emerging standards will be those whose technology and data practices diverge the most from the emerging global norms or those that generally operate a decentralized group of autonomous business units acquired inorganically.

Business-to-business companies serving the technology, media and telecommunications sector will be affected first. At the same time, companies instrumental in shaping a new standard’s content and rollout will reap competitive advantages with enterprise customers, end consumers and employees.

What should CEOs do?

  • Commission the CIO, CDO, CTO and business heads to (a) identify the top strategic technologies and data uses on which the company’s business strategy depends, and (b) review the company’s status relative to existing or needed trust standards for those technologies. Advise whether to assume an industry leadership role.
  • Direct the resulting trust standards to be incorporated into every aspect of the business.

"A globally trusted technology has two requirements: to do well and to do good. It has to transparently provide an economic value and it has to positively impact society. Innovative companies in Mexico see this and are starting to fill the vacuum."

Juan Carlos Carrillo PwC Mexico Privacy Leader

Here are your seven privacy megatrends

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Jay Cline

Jay Cline

US Privacy Leader, Principal, PwC US

Mir Kashifuddin

Mir Kashifuddin

Principal, Cyber, Risk & Regulatory, PwC US

Joseph Nocera

Joseph Nocera

Cyber & Privacy Innovation Institute Leader, PwC US

Sean  Joyce

Sean Joyce

Global Cybersecurity & Privacy Leader, US Cyber, Risk & Regulatory Leader, PwC US

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