GDPR triggered new businesses on digital compliance
The General Data Protection Regulation (GDPR), introduced in 2016 by the EU, triggered a new type of business aimed at helping companies to observe data protection and privacy regulations worldwide.
It’s a booming market. OneTrust, a leader in the field, has been valued by investors at $5.3 billion. BigID, a competitor, raised $30 million in April at a $1.25 billion valuation. Another company that targets privacy regulations, TrustArc, raised $70 million in 2019. Yoti, a start-up that provides the kind of age-verification services that regulators are increasingly turning to to shield children from harmful content, has raised millions of dollars since it was founded in 2014.
As GDPR was followed by many similar data protection laws, including California’s regulation (2018) and China (2021), the digital compliance industry is likely to grow worldwide.
For more information, consult the New York Times article.