Study finds privacy is now mission critical for organisations worldwide
Cisco has published 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 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 .
“ The study shows that privacy is increasingly becoming a fundamental responsibility for security professionals . This year , findings show that aligning privacy with security generates financial and other benefits ,” said Fady Younes , Cybersecurity Director – Cisco Middle East and Africa . “ Privacy continues to rise in importance for organisations , regardless of their size or location .”
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