Data Residency – Is it The Next Big Thing?
Where does your data live?
One of the things that many companies, do not spend much time on is determining the data residency requirements by which they must abide. With a global customer base, the assumption is that their customer’s data can be stored wherever the office that is doing the collection is located.
This could not be further from reality and could cost your company significant money in government sanctions. As seen in the last two years, US companies are facing large fines by EU Data Protection Authorities for violating GDPR regarding everything from data transfers to website analytics data to website cookies.
As 2022 begins, Data Residency is going to become an especially critical issue for companies with global interests.
Global Data Residency Changes
The biggest issue coming in 2022 is that more countries will require companies to establish Data Residency within the country of operation. Aside from the EU, countries like China, Brazil, and Russia have enacted new laws with stricter Data Residency requirements. According to the UN, 133 countries have Data Protection regulations in place with another twenty working on draft legislation.
What Does This Mean?
If you are a company that operates globally, the simplest solution is to set up local servers or work with cloud providers that provide Data Residency support. If an organization has a physical presence within a country with strict Data Residency rules, on-premise data storage may need to be a consideration, although there are substantial financial and logistical complications with this.
Residency as a service (Raas) is speculated by some to be an emerging industry, especially with the number and complexity of Data Protection regulations around the world.
CISOs and DPOs are going to have to devote more focus to where their operations are and what the Data Residency regulations are within those jurisdictions.
What do you think?
Do you have experience in data residency in a professional capacity, and if so, what can you share based on this experience?
Where do you think the biggest challenges will comes from and why?
If you have thoughts on any of these questions or other relevant and related ones, please leave a comment in the comment section below. Please note to keep our environment clean and free of advertisments of any kind, comments may not include external links, citing company names to promote them, or the like.