APAC Organizations Recognize the Importance of Privacy in Business Operations – Cisco – Back End News

0

A majority of respondents in the Asia-Pacific (APAC) region recognize the value of privacy in business transactions. That’s one of the findings of Cisco’s 2022 Data Privacy Benchmark Study, an annual global review of corporate privacy practices and the impact of privacy on organizations.

The study found that 91% of APAC respondents view privacy as a business “imperative,” which may also explain the continued increase in privacy investments as organizations see a high ROI from spending confidentiality.

The Cisco study also found that 85% of respondents in the Philippines said customers would not buy from companies if they believed the data was not properly protected, while 97% indicated that External privacy certifications are important in their buying process.

Cisco Announces Special Meraki Education Advantage Pricing for Schools
Cisco Supports the IT-BPM Industry’s Shift to a Hybrid Workplace Setup

“Data privacy continues to be critical to business success, not just in the Philippines, but across Asia-Pacific, with 96% of organizations in the region saying they report one or more privacy-related measures. privacy to their board, and investment in privacy up with an average budget increase of 18%,” said Zaza Nicart, General Manager of Cisco Philippines. “These trends are more pronounced in the region than in the rest of the world.”

Security and transparency tools

“At Cisco, we believe that privacy is a fundamental human right, therefore, we must protect it with adequate security and transparency tools. It is encouraging to see that organizations derive significant business value from privacy and view it as a business imperative,” said Nicart.

Privacy return on investment (ROI) remains strong for the third year in a row, with increased benefits for small and medium-sized businesses. More than 60% of respondents believed they derive significant business value from privacy, especially when it comes to reducing sales delays, mitigating losses from data breaches, driving innovation, achieve efficiency, build trust with customers and make their business more attractive.

Respondents estimate their return on investment at 1.8 times their expenses on average. Respondents in the Philippines reported a 2.3x higher return on investment this year, compared to 2.1x in 2021.

Automating

Privacy legislation continues to be widely welcomed around the world, although compliance with these laws often involves significant effort and cost (e.g. cataloging data, keeping records of processing activities , implementation of controls – privacy by design, response to user requests). In the Philippines, 94% of businesses surveyed in the country said privacy laws had a positive impact, and only 1% said the laws had a negative impact.

When it comes to data use, 83% of respondents in the Philippines agree that their organization has a responsibility to only use data responsibly. Almost as many (82%) believe they already have processes in place to ensure automated decision-making is performed in line with customer expectations. Yet Cisco’s 2021 Consumer Privacy Survey showed that many people want more transparency and 56% of consumers surveyed globally are concerned about the use of data in AI and automated decision-making. . Forty-six percent of consumers surveyed believe they cannot adequately protect their data, primarily because they do not understand what organizations collect and do with their data.

Share.

Comments are closed.