Organizations investing in privacy, but worry about data protection; benefits from investment; customer demands for transparency and privacy; security professionals struggle; ROI from privacy investments.
Despite a difficult economic environment, organizations are continuing to invest in privacy. According to Cisco’s Data Privacy Benchmark Study, spending on privacy has increased from $1.2 million to $2.7 million in the past three years. Despite this, security teams are still worried their organizations aren’t prepared to protect the massive amounts of data they are collecting and storing for emerging technologies, such as machine learning systems.
The report also found that more than 70% of organizations are getting significant or very significant benefits from their privacy investments, such as building trust with customers and reducing sales delays. Claude Mandy, Chief Evangelist at Symmetry Systems, commented that customer demands around privacy, such as transparency of data use in AI, do influence organizational approaches to privacy. However, it takes longer to integrate these into current practices.
David Maynor, Director of the Cybrary Threat Intelligence Team, commented that it is good when there is evidence that good investment in privacy will deliver a return on investment. However, he noted that many people still give random apps access to their data. This highlights the need for organizations to ensure they are using customer data ethically and with consideration of their privacy rights and needs.
In conclusion, organizations are continuing to invest in privacy despite a difficult economic environment, and are getting significant benefits from this investment. However, there is still a need for organizations to ensure they are using customer data ethically and with consideration of their privacy rights and needs. It is important for organizations to continue to invest in privacy and to ensure they are meeting customer expectations.