At the regulatory level, 2024 will bring new challenges in the area of privacy, emphasising the importance of data in our economy and daily lives, and underlining how personal information can occupy a central position in our society, especially in market dynamics.
Several important data privacy regulations will be finalised in 2024, bringing new protections to even more people and adding further protections within the European Union (EU).
Indeed, 2024 is shaping up to be an important year for privacy, especially at the regulatory level.
In the first half of the year we see the introduction of the Data Act and the Digital Services Act.
Regulation (EU) 2023/2854, known as the Data Act, came into force on 11 January and will be applicable as of 12 September 2025 with the European Union aiming to provide rules for accessing and using data generated within its borders in all economic sectors and to be able to ensure fairness in the distribution of the value of data among all actors in the digital environment. This legislation aims to encourage a competitive data market and provide opportunities for data-driven innovation, effectively making data more accessible to all.
On 17 February, the Digital Services Act, i.e. Regulation (EU) 2022/2065, came into force, introducing transparency obligations on profiling and the operation of online platforms, as well as disclosure and accountability obligations requiring providers to cooperate with authorities and submit to independent audits. The EU’s objective is to establish a new culture of systemic risk prevention through a new system of inter-state governance by introducing penalties of up to 6% of the annual turnover of the platforms that provide digital services in the event of a breach. The obligations of the regulation are proportionate to the type of service offered and the number of users.
In the second half of the year, specifically on 30 June, Regulation (EU) 2023/1114 on crypto-asset markets will come into force, referred to as the MiCA Regulation or just MiCAR (Markets in Crypto-assets Regulation). It will be applicable to crypto-assets, their issuers and service providers, and will aim to protect and safeguard investors and preserve financial stability, by specifying both uniform requirements for public offerings and admission to trading on a crypto-asset platform, as well as requirements for service providers for crypto-assets. This will increase transparency and establish a comprehensive framework for issuers and service providers to comply with anti-money laundering rules.
Some of the changes that will result from these regulations and the new requirements will also bring welcome improvements to the consumer landscape, with greater transparency, competition, innovation and choice for consumers. This will positively influence customer loyalty.
The regulatory requirements imposed on technology companies will perhaps be even more influential. These will have significant cascading effects on the data privacy of third parties who rely on platforms and services for their audience, data and revenue.
The EU Artificial Intelligence Act, the first of its kind, is on its way to final adoption by the European Parliament and the Council. In addition to providing new regulations, guidelines and bans on the development and application of artificial intelligence in the EU, it will also have a concrete influence on similar legislation in other countries, just as happened with the GDPR.
In addition to regulations, privacy-enabling and privacy-enhancing technologies ( PETs) will also be a focus point for organisations, alongside the data privacy policy of corporate websites that will begin to be seen as a key document for consolidating user trust, promoting transparency and aligning with the company’s social responsibilities.
The data privacy landscape is set to accelerate significantly this year. The changing regulations not only pose new challenges and opportunities for companies, but also create the growing awareness of the importance of data protection for brand reputation and business success.
