For many years, the cybersecurity framework developed by the U.S.
Department of Commerce's National Institute of Standards and Technology
("NIST") has been relied upon by
organizations around the world as a foundational framework
document. Given its success in the cybersecurity space, NIST is
developing a privacy framework with the goal of assisting
organizations to better identify, assess, manage and communicate
privacy risks; foster the development of innovative approaches to
protecting individuals' privacy; and increase trust in products
and services.
The initiative is driven by a recognition that cutting-edge
technologies such as the Internet of Things and artificial
intelligence are raising concerns about their impact on
individuals' privacy. A final version of the privacy framework
is unlikely to be released in the short term and will be entirely
voluntary. Nevertheless, it is likely to become a reference
framework for most organizations around the world.
