According to Cisco’s 2022 data privacy study, privacy budgets are increasing, and companies are seeing a good return on their investments.
According to a new Cisco survey, IT and security professionals believe that government data security laws have far more benefits than drawbacks.
Respondents in the survey expressed strong support for privacy laws, with 83 percent stating that these rules have had a positive impact. According to the survey, respondents value a strong government role in protecting privacy because it can provide:
a higher level of consistency in care
greater clarity on data owners’ rights and resources
Guidelines governing which data processing activities are permitted or prohibited.
According to the Cisco 2022 Data Privacy Benchmark Study,
Privacy is becoming increasingly important in purchasing processes, management metrics, and employee responsibilities.
For the third year in a row, the ROI of improved privacy practices remains high.
Customers want more information about how data is used in automated decision-making processes.
The need for data localization is critical, but it is costly.
When compared to other organizational models, aligning privacy and security creates financial and maturity advantages.
According to the report, the following two metrics demonstrate the increased importance of privacy:
Privacy metrics are reported to boards of directors by 94% of respondents.
Data privacy was ranked second among security professionals’ top three priorities.
More than 5,300 security professionals from 27 countries participated in the survey, which was completed in the summer of 2021. Respondents to the survey come from all major industries and a variety of company sizes. Data from the Cisco 2021 Consumer Privacy Survey is also included in the report.
Budgets for privacy are up 13% from 2020 levels, with an average of $2.7 million in 2021. Respondents also reported a positive return on investment from this spending, with 60% or higher indicating significant benefits in the following areas:
Trust and loyalty
More appealing company
Efficiency in operations
Flexibility and creativity
Reducing security losses
Decreased sales delays
In another cost-related survey question, 88 percent of respondents said data localization requirements add significant costs to operations. According to the survey, between 77 percent (Russia) and 94 percent (Singapore), complying with these rules increased costs. Respondents in the United States were in the middle, with 87 percent reporting increased costs, while respondents in the United Kingdom were at 83 percent.
When it comes to allocating responsibility for managing privacy, most businesses delegate it to the IT team (37%) or the security team (34%). Compliance is responsible for 11 percent of the organizations surveyed, with legal and operations accounting for 9 percent and 8 percent, respectively. In terms of generating the highest ROI from privacy best practices, the security team edged out the IT team. Companies that have delegated this responsibility to security teams are more likely to claim that their privacy maturity is higher than that of their peers.
Progress for the Customers, None
According to the survey, IT and security professionals are optimistic about progress in protecting privacy and security at work. According to Cisco’s consumer survey, consumers are not seeing the same improvements. According to the findings of the study, 46 percent of respondents are unable to protect personal data because it is “too difficult to figure out what companies are doing with my data.”
The survey asked about acceptable use cases for personal data, such as matching sales representatives with customers, determining credit worthiness, and pricing. Approximately half of all respondents said they would have less trust in a company if these decisions were made using artificial intelligence:
Counseling for mental health
Interviews for jobs
Marketing of sporting goods
Worthiness of credit
