SAN JOSE, Calif. — A new report shows that data privacy is considered a “business imperative” by 90% of cybersecurity professionals.
The finding is part of Cisco’s 2022 “Data Privacy Benchmark Study,” which is a global review of corporate data privacy practices and the impact of privacy on organizations.
The report released last month indicates the significance of data privacy in organizations, with 94% of them reporting one or more privacy-related metrics to their board and privacy investment up 13%.
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Other key findings in the “Data Privacy Benchmark Study”
Privacy is a critical component of customer trust for organizations.
- 90% of respondents would not buy from an organization that does not properly protect its data
- 91% indicated that external privacy certifications are important in their buying process
Cybersecurity professionals expect to see a return on investment (ROI) on data privacy.
- Over 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 of spending on average
Privacy legislation is well received, despite the effort and cost required for compliance.
- 83% of respondents said privacy laws have had a positive impact
- 3% indicated the laws have had a negative impact
Cybersecurity pros are implementing data localization requirements.
- 92% of respondents said localization has become an important issue for their organizations
- 88% said that localization requirements are adding significant cost to their operation
Organizations recognize the need to treat data ethically.
- 92% of respondents recognize that their organization has a responsibility to only use data in a responsible manner
- 87% believe they have processes in place to ensure automated decision making is done in accordance with customer expectations
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“There’s no doubt that privacy continues to grow in importance for organizations, regardless of their size or location,” said Harvey Jang, VP and chief privacy officer, Cisco.
“We also see privacy growing to be part of the vital skills and core responsibilities for security professionals. This year’s study confirmed that aligning privacy with security creates financial and maturity advantages compared to other models.”
Anurag Dhingra, VP and CTO of collaboration at Cisco, said the company is “committed to data privacy, including governance of emergent technologies, such as artificial intelligence.”
For instance, the company published “The Cisco Responsible AI Framework” as part of its “commitment to transparency and adaptability,” Dhingra said.
The framework establishes a governance process and “concrete working practices” for Cisco’s development teams, including “vital communication channels” with its customers and constituencies, he said.
“The framework defines clear principles in alignment with the values of our customers,” Dhingra said.
Methodology of the “Data Privacy Benchmark Study”
The 2022 “Data Privacy Benchmark Study” by Cisco is based on a survey of over 4,900 cybersecurity professionals.
The survey’s respondents work in 27 geographic markets: Australia, Brazil, Canada, Chile, China, Columbia, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Malaysia, Mexico, Philippines, Russia, Saudi Arabia, Singapore, South Korea, Spain, Taiwan, Thailand, the Netherlands, U.K., U.S., and Vietnam.
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