Companies are adapting their business models in response to privacy legislation, with examples including Meta's introduction of a paid subscription model for ad-free services and TikTok's investment in building servers in Europe. The article concludes by noting the growing awareness of privacy rights among consumers and the need for governments, businesses, and individuals to work together to secure personal information and shape the future of data privacy.
Key takeaways:
- Continued enforcement of privacy regulations is expected in 2024, with businesses facing heightened scrutiny and significant fines for mishandling data.
- There is an increased focus on children's privacy, with legislative measures being introduced to protect children's data and enhance regulations for social media users under the age of 18.
- AI policy and governance are becoming more important, with governments worldwide developing regulations to address concerns about data privacy and the use of AI.
- Companies are rethinking their business models in response to privacy legislation, with some introducing new features or services to ensure compliance with data privacy laws.