Data privacy is now seen as a business imperative for almost all organizations, with knock-on effects on the IT buying process, new data from Cisco suggests.
According to the report, the vast majority (91 percent) consider external privacy certifications important when it comes to buying decisions.
Cisco also found that almost all organizations (92 percent) understand that the responsibility for the usage and storage of data resides solely with them.
“With 94 percent of organizations saying they are reporting one or more privacy-related metrics to their board, and privacy investment rising with an average budget up 13 percent, there’s no doubt that privacy continues to grow in importance for organizations, regardless of their size or location,” explained Harvey Jang, Chief Privacy Officer at 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.”
Almost two-thirds (60 percent) of respondents feel they’re getting “significant business value” from privacy investments, particularly when it comes to cutting sales delays, mitigating data breach losses and improving efficiency.
The average ROI for spending on privacy sits at 1.8x, down very slightly from last year. There are many potential reasons for the drop, Cisco says, from the pandemic, to new legislation, to uncertainty that always looms over international data transfers.
Going forward, businesses will also have to contend with greater expectations from customers, who demand more transparency and are concerned about the use of data in AI and automated decision-making, Cisco concludes.
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