Business reputation comes with responsibility because data protection and data privacy is good for business and vital to business growth.
Data protection and data privacy are causing significant delays for up to 65 percent of businesses worldwide based on the report from Cisco Privacy Maturity Benchmark Study.
Based on Cisco Privacy Maturity Benchmark Study comparison to 39 percent of privacy-mature organizations, 74 percent of privacy-immature organizations lost more than $500,000.
Data privacy maturity and data privacy effects on business were assessed by nearly 3000 global IT security professionals, IT Outsourcing Services, and Tech Support Services across 25 countries. Data privacy delays organizations by 7.8 weeks according to 77 percent of respondents.
Customers are increasingly concerned about the level of privacy protection provided by the products and services they purchase. Managed IT services and Managed Security Services providers understand data protection and data privacy is good business.
The survey asked respondents to rate their current privacy maturity level which is defined in five levels:
- Ad hoc privacy maturity level
- Repeatable privacy maturity level
- Defined privacy maturity level
- Managed privacy maturity level
- Optimized privacy maturity level
Based on the Cisco Privacy Maturity Benchmark study:
Companies with lower privacy maturity levels experienced an average delay of 16.8 weeks, while businesses with higher privacy maturity levels experienced a decrease.
Businesses with optimized privacy processes reported 3.4 weeks of delays compared with ad hoc organizations.
Geographical and industry factors seem to affect delay length.
Considering these widespread and significant delays, every company should assess its own situation to determine where customer privacy concerns may cause delays. Depending on their potential revenue effects, companies should assess the return on investment of privacy process improvements, as well as the benefits of implementing such measures on sales. This is an excellent conversation with your managed IT services provider as they understand data protection and data privacy is good business especially using Cloud Services.
Despite growing organizational awareness, online hackers and cyber criminals continue to compromise sensitive financial and personal information. Unusual behavior may appear normal at first, making it harder to detect. There are many industry regulations to give greater control over your data. data protection and data privacy is good business hence why you need employee Cyber Security Training and Dark Web Monitoring including training as it is crucial.
Estimate revenue lost due to data protection and data privacy.
Customer service issues, inaccessible corporate policies, and IT infrastructure design issues can all cause problems. An organization must understand the cause of the problem before determining a solution. Working with your IT department, IT Support Services, or Managed IT Services provider can help build a plan.
More mature privacy processes could have prevented data breaches.
Policy and protocol development should take place if there is no such plan already in place.
Human behavior must be understood in addition to technical knowledge. Work with sensitive data every day, access company information on the go, and carry everything with them. Proactive employee cybersecurity awareness and practices must go beyond IT departments.
Organizations should not overlook the importance of investing in new technologies such as analytics or artificial intelligence. Business continuity and disaster recovery (BCDR) plus combining these tools with comprehensive training programs is the best way to protect organizations and customers. To drive this dual approach, we need trusted partners with deep cyber security expertise and executional skills.