The 2022 Data Privacy Benchmark Study from tech titan Cisco has found that privacy is mission-critical, as 91% of respondents in Asia Pacific consider privacy a business imperative.
The survey – an annual global review of privacy corporate practices, on the impact of privacy on organizations and their views towards data privacy – showed that privacy investment continues to rise, and organizations see a high return on investments from privacy spending.
Eighty-five percent of the respondents in the Philippines said customers would not buy from them if their data was not properly protected, and 97% indicated that external privacy certifications are important in their buying process.
Privacy’s Return on Investment (ROI) remains high for the third straight year, with increased benefits for small to medium size organizations. More than 60% of respondents felt they were getting significant business value from privacy, especially when it comes to reducing sales delays, mitigating losses from data breaches, enabling innovation, achieving efficiency, building trust with customers, and making their company more attractive.
Respondents estimate their ROI to be 1.8 times spending on average. Respondents from the Philippines reporter higher ROI of 2.3 times this year, compared to 2.1 times in 2021.
Privacy legislation continues to be very well received around the world even though complying with these laws often involves significant effort and cost (e.g., cataloging data, maintaining records of processing activities, implementing controls – privacy by design, responding to user requests).
In the Philippines, 94% of the country’s corporate respondents said privacy laws have had a positive impact, and only 1% indicated the laws have had a negative impact.
As governments and organizations continue to demand further data protection, they are putting in place data localization requirements. Eighty-eight percent of survey respondents in the Philippines said this has become an important issue for their organizations. But it comes at a price – locally, 82% said that localization requirements are adding significant cost to their operation.
When it comes to using data, 83% survey respondents in the Philippines recognize that their organization has a responsibility to only use data in a responsible manner. Nearly as many (82%) believe they already have processes in place to ensure automated decision-making is done in accordance with customer expectations.
Yet, the survey showed many individuals 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 felt they cannot adequately protect their data, chiefly because they do not understand what organizations are collecting and doing with their data.
According to Cisco Philippines managing director Zaza Nicart, “Data privacy continues to be crucial for business success, not just in the Philippines, but across the Asia Pacific, with 96% of organizations in the region saying that they are reporting one or more privacy-related metrics to their board, and privacy investment rising with an average budget increase of 18%. These trends are more pronounced in the region when compared to the rest of the world.”
“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 are reaping significant business value from privacy and considering it a business imperative,” Nicart added.
