Social Governance

Cisco Study: Privacy is Mission-Critical for 90% of Organisations

Published on: 15 March 2022 11:15 AM
by KnowESG
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A Brief Summary

According to the 2022 Data Privacy Benchmark study, 90 per cent of respondents hesitate to buy from an organisation that does not have any data protection provisions. The study indicated that investment regarding privacy has been on the rise, and businesses are receiving a high return on investments from privacy spending.

More than 90 per cent of respondents who participated in the study said external privacy certifications are significant in their buying process.

Fady Younes, cybersecurity director, Cisco Middle East and Africa, said: "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,”

Return on Investment (ROI) from privacy-related investment remains high for three consecutive years. "Privacy continues to rise in importance for organisations, regardless of their size or location,” Younes added.

The study indicated that over 60 per cent of respondents are getting business value from privacy, particularly when it comes to mitigating losses from data breaches, reducing sales delays, enabling innovation, achieving efficiency, building trust, and making their company attractive.

Businesses are welcoming privacy legislations around the world in a positive way, with more than 80 per cent of corporate respondents saying these laws have been impacting positively on their business. Only 3 per cent said it created a negative impact.

As governments and organisations demand more data protection, data localisation requirements become more stringent. According to the survey, 92 per cent of respondents said data localisation is an issue for their companies, and 88 per cent said it is adding significant cost to their operations.

When it comes to data utilisation, 92 per cent of respondents agree that their company must use data responsibly, and 87 per cent say they currently have mechanisms in place to guarantee automated decision-making satisfies consumer expectations.

However, according to Cisco's "2021 Consumer Privacy" survey, many people still want more transparency. 56% are concerned about the use of data in AI and automated decision-making, and 46% believe they can't adequately protect their data because they don't understand what companies are collecting and doing with it.