PRIVACY MISSION CRITICAL FOR ORGANISATIONS AROUND THE WORLD
isco has published
C its 2022 Data Privacy Benchmark Study , an annual global review of privacy corporate practices on the impact of privacy on organisations and their views towards data privacy . The 2022 report found that privacy is mission-critical , as 90 % consider privacy a business imperative . The survey showed privacy investment continues to rise and organisations see a high return on investments from privacy spending .
Privacy has become a true business imperative and a critical component of customer trust for organisations
Privacy legislation continues to be very well received around the world even though complying with these laws often involves significant effort and cost . around the world . For the second year in a row , 90 % of respondents said they would not buy from an organisation that does not properly protect its data and 91 % indicated that external privacy certifications are important in their buying process .
Privacy ’ s Return on Investment ( ROI ) remains high for the third straight year , with increased benefits for small to medium size organisations . More than 60 % of respondents felt they were getting significant business value from privacy , especially when it comes to reducing sales delays , mitigating losses from data breaches , enabling innovation , achieving efficiency , building trust with customers and making their company more attractive .
Respondents estimate their ROI to be 1.8 times spending on average . While this continues to be very attractive , it is slightly less than last year ( 1.9 times spending ). This could be due to ongoing needs in responding to the pandemic , adapting to new legislation , uncertainty over international data transfers and increasing requests for data localisation .
Privacy legislation continues to be very well received around the world even though complying with these laws often involves significant effort and cost ( e . g ., cataloguing data , maintaining records of processing activities , implementing controls – privacy by design , responding to user requests ). A total of 83 % of all corporate respondents said privacy laws have had a positive impact and only 3 % indicated the laws have had a negative impact .
As governments and organisations continue to demand further data protection , they are putting in place data localisation requirements . A total of 92 % of survey respondents said this has become an important issue for their organisations . But it comes at a price – across all geographies , 88 % said that localisation requirements are adding significant cost to their operation . u
As governments and organisations continue to demand further data protection , they are putting in place data localisation requirements .