Good privacy is good for business, so pay attention

Data privacy concerns are causing significant sales cycle delays for up to 65 percent of businesses worldwide, according to findings in the new Cisco 2018 Privacy Maturity Benchmark Study.

The study shows that privacy maturity is connected to lower losses from cyberevents: 74 percent of privacy-immature organizations experienced losses of more than $500,000 last year caused by data breaches, compared with only 39 percent of privacy-mature organizations. Privacy maturity is a framework defined by the American Institute of Certified Public Accountants (AICPA) and is based on Generally Accepted Privacy Principles (GAPP).

The study surveyed nearly 3000 global security professionals in 25 countries regarding their privacy maturity and any effects of data privacy on their business. A surprising two-thirds of respondents indicated that data privacy was causing delays in their sales cycles, with an average estimated delay of 7.8 weeks.

Read more about the findings of the Cisco study, which indicate that the pending May 2018 enforcement of the GDPR, the new law enacted to increase protections of EU citizens’ privacy and personal data, might also be a factor in these delays, on Help Net Security.

 

Track the strategic threats to your business with the Threat Brief, delivered to your email daily.

Subscribe Here