The significance of data privacy in the digital economy

Baltezarević, Radoslav and Baltezarević, Ivana (2024) The significance of data privacy in the digital economy. In: 4. Bilsel International Çatalhöyük Scientific Researches Congress. BILSEL Publishing, Konya, pp. 956-964. ISBN 978-625-95275-5-0

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Abstract

Protecting our identity, habits, health, interests, and everyday activities is known as data privacy. Data privacy entails protecting personal data and making sure that people have authority over the collection, use, and sharing of their data. Governments, organizations, and individuals are increasingly generating, collecting, and processing personal data. Strong data privacy laws promote consumer confidence and encourage more people to utilize digital tools, which can encourage competition, investment, and innovation in the digital economy. By giving people control over their data and the freedom to engage with the digital world however they choose, data privacy empowers people. Additionally, it helps prevent cybercrimes, including fraud, harassment, and identity theft. Data availability is crucial for start-ups and new enterprises to create new products and services. However, their capacity to compete with well-established market competitors may be disproportionately impacted by overly onerous privacy restrictions. The digital economy depends heavily on user trust and security. A key component of this trust is cybersecurity, which includes safeguards against intrusions, damage, and unauthorized access to digital systems, networks, and data. Real-time cyber threat detection and response are possible with artificial intelligence (AI) and machine learning (ML). These technologies are capable of automatically implementing security measures and identifying possible security breaches by analysing patterns and anomalies in data. Maintaining cybersecurity and privacy is crucial for encouraging digital inclusion and safeguarding communities as the digital economy grows.

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