According to a new industry report, the new GDPR regulation is driving the emerging privacy technology market. The new report published by the International Association of Privacy Professionals (IAPP) examines a large number of established, scaling and start-up technology companies focused on solving the data privacy needs at large global enterprises.
The IAPP is a not-for-profit association founded in 2000 with a mission to define, support and improve the privacy profession globally and is the world’s largest and most comprehensive global information privacy community with 100’s of corporate members.
The value propositions developed by many of these emerging technology vendors are in a direct response to compliance with the new GDPR regulation that is due to come into effect in May 2018. One excellent example of a promising technology vendor in this space is a start-up company called Collibra. Collibra is a start-up that has developed a product for the privacy market, recently announced a $50 million Series C round of venture capital funding, which includes investors from Facebook, LinkedIn, and Twitter. The technology tracks where data came from and who in the organization is using it.
The report published by IAPP coincides with an other informative announcement on the global information security market. According to recent research released by Gartner, anxiety about the EU’s GDPR will accelerate security spending. Global spending on information security will hit $86.4 billion this year, a 7% hike over the prior year and it will reach $93 billion in 2018.