Cisco shared its 2023 Data Privacy Benchmark Study today, detailing professional insights into data privacy strategy.
A review of the state of online privacy.
Cisco this morning released their 2023 Data Privacy Benchmark Study, which takes a foray into privacy and its impact on organizations from the perspectives of security professionals worldwide.
Organizations continue to beef up privacy investments, with positive returns.
The study details continued strong investments in privacy despite the global economic downturn, reporting an increase from $1.2 million three years ago to $2.7 million today. Organizations believe these are worthwhile investments, citing “building trust with customers, reducing sales delays, or mitigating losses from data breaches,” as some “significant” or “very significant” benefits from these expenditures. The benefits are estimated to be valued at around 1.8 times what organizations are spending, with a whopping 94% of those surveyed indicating the value of the investments outweighing the costs overall.
Weighing localization’s limitations and globalization’s benefits in data privacy.
79% of surveyed professionals believe that regional privacy laws have been a positive influence, with privacy legislation present in 157 countries (twelve more than last year). A majority of respondents (88%) reported more comfort in storing their data within their own country lines, however the reality when factors such as costs and security are considered drives professionals toward globalized organizations. The bulk of respondents (90%), though, did report belief that a global provider operating at scale would be better suited for data protection when compared to local options.