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Announcing the 2019 Cisco Data Privacy Benchmark Study

Data Privacy is having a big year. We all know about GDPR, and the work that many countries have done to pass or update their own privacy laws to align to the GDPR framework. But what impacts are these efforts having on organisations’ day to day operations?

But what impacts are these efforts having on organisations’ day to day operations? Is there an ROI beyond fine and penalty avoidance?

Cisco has released its 2019 Data Privacy Benchmark Study, which surveyed more than 2,900 CISOs and other security and privacy leaders.

The report reveals the impact and business benefits from data privacy investments.   The Study draws on responses in a double-blind survey from over 3200 privacy and security professional in 18 countries.

So what are the strongest business benefits of data privacy compliance? Here are just some of the findings.  For the main report, please visit https://www.cisco.com/go/dataprivacy

  • Well protected and curated data can enhance customer experience, and drive greater stakeholder value. 
  • This past year, privacy and data protection importance has increase dramatically.  GDPR has had a global impact.

    • Nearly 60 percent of businesses are GDPR-compliant, 29 percent expect to be ready in a year, 9 percent will be ready in over a year, only 3 percent say GDPR doesn’t apply to them.
  • Beyond compliance, businesses also are realizing important benefits including shorter sales delays, lower impact of data breaches, lower financial loss from breaches, and shorter system downtime.

    • This year, more companies are experiencing sales delays (87 vs 66 percent), but the length of delay has shortened since last year (3.9 vs 7.8 weeks).
    • There is a lower frequency of data breaches for GDPR-ready companies (74 percent) than those looking at more than one year to be compliant (89 percent).
    • When a breach occurs, GDPR-ready businesses experience shorter system downtime (6.4 hours) compared to those over a year from GDPR readiness (9.4 hours).
    • The probability of losing more than $500,000 in a data breach is less for GDPR-ready businesses (37 percent) than those expecting to be ready in more than one year (64 percent).
  • On the flip side, they report greater agility, innovation, competitive advantage, operational efficiency.

    • 75 percent of all respondents identified two or more benefits. Nearly all companies (97 percent) identified at least one benefit.
    • Other investment benefits = realizing investor appeal, having a complete catalogue of data assets, understanding where PII is located and how used.
  • The competitive gap is widening.

    • 64 percent of companies say privacy is a positive competitive differentiator for them.
    • The more you invest in data, the bigger the payoff. Data is the new currency as the market shifts.

For the full report, visit https://www.cisco.com/go/dataprivacy