92% of organisations report need for improved customer privacy measures: Cisco
Organisations should prioritize transparency to earn consumers' trust, rather than just focusing on compliance, according to a Cisco study.
The survey of more than 3,100 security professionals across 26 geographies revealed that 39% of consumers prioritise transparency, while organizations prioritize compliance (30%).
The study, "2023 Data Privacy Benchmark," found that organisations are still investing in privacy, despite a difficult economy, with spending increasing from $1.2 million three years ago to $2.7 million this year.
The investments have led to a 1.8 times return on investment, with estimated benefits such as building customer trust, reducing sales delays, and mitigating data breach losses.
However, 92% of respondents believe that their organisation needs to do more to reassure customers about their data usage.
The survey also showed a significant disconnect between the privacy measures companies implement and what consumers expect, especially with regards to AI. 60% of consumers are concerned about organizations' AI practices, and 65% have already lost trust.
Consumers would like the option to opt-out of AI solutions, but organisations prioritise other measures. Despite 96% of organisations believing they have processes in place for ethical and responsible AI, 92% of respondents still feel their organisation needs to do more to reassure customers.
90% of respondents trust global providers to better protect their data than local providers, despite 88% believing their data would be safer in their own country or region. The benefits of privacy outweigh the costs for 94% of respondents.