In today’s data-driven market, data translates to more power and opportunity for businesses. But as it is said, “With great power comes greater responsibility.” As more personal information is being collected and analyzed by organizations, the need to protect an individual’s privacy and prevent the misuse or unauthorized access of the personal data comes with it. The Netflix Prize, a dataset released in 2006 to improve and innovate Netflix’s recommendation algorithm, containing a large amount of user data from Netflix’s movie recommendation service, including user ratings and rental histories, spurred the need for data anonymization.
According to the DLA Piper’s latest annual General Data Protection Regulation (GDPR) Fines and Data Breach Survey, Europe have issued a total of EUR1.64bn (USD1.74bn/GBP1.43bn) in fines since 28 January 2022 under GDPR. A year-over-year increase in aggregate reported GDPR fines of 50%.
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