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Good privacy is good for business

 

Read the “2018 Privacy Maturity Benchmark Study” (PDF, 6 pages) for data points that show how good privacy is good for business.



How much is good privacy worth to your organization?

As customers and regulators demand more transparency about how personal data is captured, transferred, stored, the 2018 Cisco Privacy Maturity Benchmark Study quantifies how data-privacy concerns are impacting the buying cycle. What is the value of good privacy to your organization?

Key takeaways:

  • 65 percent of organizations experienced delays in their sales cycle due to privacy concerns, at an average delay of 7.8 weeks
  • Privacy-immature companies experience nearly 17 weeks of delay (on average), compared to under 3.5 weeks for privacy-mature companies
  • The level of privacy maturity correlates with the likelihood and costs of data breaches: 74 percent of privacy-immature companies experienced a cyber-loss of over $500,000 in the last year, compared to only 39 percent of privacy-mature companies.

Implications for IT leaders

  • Ensuring that salespeople have timely access to information that addresses common customer privacy concerns
  • Establishing cross-functional teams to quickly investigate customer issues as they arise
  • Working with engineering and product development to ensuring that privacy is included by design at the outset of a project

The Cisco 2018 Privacy Maturity Benchmark Study was created in conjunction with Cisco’s Annual Cybersecurity Benchmark Study, a double-blind survey completed by more than 3600 security professional in 25 countries. The privacy specific questions focused on a subset of nearly 3000 respondents who were familiar with the privacy processes at their organizations.

Participants were asked about the makeup of their privacy teams, maturity level of their privacy processes, and the impact (if any) they experienced related to delays in the sales cycle due to customer data privacy concerns.

Read the “2018 Privacy Maturity Benchmark Study” (PDF, 6 pages) for data points that show how good privacy is good for business.


 

Take it further

Privacy Sigma Riders is essential listening for anyone interested in cybersecurity, data protection and privacy. Hosted by Cisco Chief Privacy Officer Michelle Dennedy and team, guest experts and innovators explore increasing the value of data with novel approaches to data privacy. Listen to the podcasts here