Privacy is now mission critical

Issue 1 2022 Editor's Choice

Cisco 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 the 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.

“With 94% of organisations saying they are reporting one or more privacy-related metrics to their board and privacy investment rising with an average budget up 13%, there’s no doubt that privacy continues to grow in importance for organisations, regardless of their size or location,” explains Harvey Jang, Cisco’s vice president and chief privacy officer. “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.”

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). 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. 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.

Finally, when it comes to using data, 92% of survey respondents recognise that their organisation has a responsibility to only use data in a responsible manner. And nearly as many (87%) believe they already have processes in place to ensure automated decision-making is done in accordance with customer expectations. Yet, Cisco’s 2021 Consumer Privacy Survey showed many individuals want more transparency and 56% are concerned about the use of data in AI and automated decision-making. 46% of surveyed consumers felt they cannot adequately protect their data, chiefly because they do not understand what organisations are collecting and doing with their data.

See more about the 2022 Data Privacy Benchmark Study at www.securitysa.com/*cisco3




Share this article:
Share via emailShare via LinkedInPrint this page



Further reading:

Migrating to mobile
Technews Publishing neaMetrics Suprema Editor's Choice
The ability to use mobile phones as access control credentials has been with us for a long time, yet only 32% of companies use them, and many only for specific use cases.

Read more...
The problem with biometrics
Technews Publishing Editor's Choice Access Control & Identity Management Integrated Solutions
We have come to rely heavily on biometrics for many aspects of access and identity management, especially in identity management where selfie authentication is accepted with confidence. Are we doing it right? Roger Grimes has his own take on the matter.

Read more...
AI presents people and companies with benefits and risks
Technews Publishing Editor's Choice
AI has changed and will still change the security landscape dramatically, but defenders and criminals can use its capabilities effectively.

Read more...
Demystifying OSDP
Technews Publishing Editor's Choice
Open Supervised Device Protocol (OSDP) is more versatile and, importantly, a more secure protocol for access control systems than the old Wiegand installations the industry has adopted for decades.

Read more...
A closed security concept for test halls and perimeter
Dallmeier Electronic Southern Africa Editor's Choice
At its factory facilities in Vilsbiburg, Germany, Flottweg SE relies on tailored video security technology from Dallmeier for perimeter security and workplace safety.

Read more...
Advanced server performance and energy efficient design
Editor's Choice IT infrastructure Products
Dell PowerEdge server portfolio expansion offers more performance, including up to 2.9x greater AI inferencing while Dell Smart Flow design and Dell Power Manager software advancements deliver greater energy efficiency.

Read more...
Free-to-use solar score for South African homes
Technews Publishing Editor's Choice
The LookSee Solar Score is one of the first of its kind to provide insight into the potential of solar power for South Africa’s residential properties.

Read more...
Fast, reliable and secure cloud services
Technews Publishing Editor's Choice Cyber Security IT infrastructure
Security and speed are critical components of today’s cloud-based services infrastructure. Cloudflare offers a range of services supporting these goals beyond what most people think it does.

Read more...
Fire-fighting force at Vergelegen
Editor's Choice Fire & Safety Residential Estate (Industry)
Vergelegen wine estate in Somerset West, and its neighbours, are set to enjoy greater peace of mind this summer, thanks to the delivery of a brand new fire truck .

Read more...
Sasol ensures Zero Trust for SAP financials with bioLock
Technews Publishing Editor's Choice Cyber Security Security Services & Risk Management
Multi-factor authentication, including biometrics, for SAP Financials from realtime North America prevents financial compliance avoidance for Sasol.

Read more...