Data Privacy Study: 500 Companies Share Their Insights
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A recent?study by FTI Consulting?sheds some light on how organizations are responding to new data privacy regulations, consequentially?limiting their use of consumer data and balancing the?costs and risks of managing data?in compliance with privacy laws.
FTI surveyed?senior management?and?C-suit roles?(more than 60% of respondents) and?middle-management?roles (28%), who had insights into the corporate data privacy programs from more than?500 large, U.S.-based companies.
The results of the study provided insight into the state of data privacy programs, and perceptions and strategies at large corporations. The report states?four key themes that were constantly emerging:
Change in the perception of data privacy
Data privacy scenery constantly changes with new data protection laws emerging across the globe, just as we discussed in?data privacy trends for 2020.
If we look at the numbers from the study, we see a lot of companies actively adjusting to these changes?moving forward with their privacy programs?in the past year and?adjusting to the requirements of new regulations, with an expected?increase in their budgets.
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97%?of the companies stated they plan to?increase their data privacy spend by 50%?and?75% have made changes in their privacy programs?in the past 12 months.
That is a lot of activity in the data privacy area, and looking at the planned budgets, it is becoming evident that the perception of data privacy initiatives has shifted from merely aligning with regulatory requirements to seeing them as a great risk mitigator and added value to the core business of the organization.
But we have to ask,?what is propelling this change? Did the activities of supervisory authorities have anything to do with how much resources are these companies investing in data privacy, did data protection laws play a part, or is it the expectation of the public that had a greater impact?
It is all that and more. Let’s find out?who is building the pressure.
Organizations are facing risks
The research indicates that companies are constantly operating under the risk of data privacy breaches and other crises that might potentially arise from processing personal data, and they are well aware of negative impacts...