Has Privacy Maturity become an important advantage for many companies
As reported by Cisco in its Data Privacy Benchmark Study, companies that follow the requirements of the General Data Protection Regulations experience benefits like lower frequency and effects of data breaches; as well as fewer records being impacted in the attacks, shorter downtime and lower overall costs. GDPR regulation came into effect in the European Union on May 25. It addresses data protection of EU residents and the export of personal data outside the EU and EEA countries. The report used the data collected through a double blind survey that has been answered by over 3200 security professionals, from 18 nations from all around the world and all the major industries.
Security benefits go beyond the scope of the GDPR provisions. Companies have a considerable way to go to increase the value of their privacy investments. Research demonstrates that the market is set up and ready for all those willing to invest in data assets and privacy can be the path forward to arrive there; according to Michelle Dennedy, Cisco’s Chief Privacy Officer.
With regards at the level of GDPR readiness among the respondents; 59% of them said that they’re meeting either all or most of GDPR’s provisions, while 29% of them stated that GDPR readiness is one year away and another 9% indicated that they’d need more than a year to be ready.
Country GDPR readiness was between 42% to 76%, with the European nations involved with the survey; surprisingly scoring much higher on the scale when compared to nations from other continents. According to Cisco’s study, companies GDPR readiness appears to be one of the factors behind a lower impact and frequency of data breaches affecting such entities.
GDPR requires organizations to know where there personally identifiable information is located and provides appropriate protection for this data. These efforts can have helped organizations better understand their data. The risks associated with their data, and also to establish or strengthen protection for that data.
In addition, out of all of the businesses that have reported at least data breach throughout the last year. Only 74% of GDPR prepared organizations were among them. While 80% of businesses who were less than a year from taking all the measures needed for GDPR readiness; and 89% of those that needed more than a year were breached. To make things even worse for businesses that have not implemented all the measures necessary to fully adhere to the GDPR, whilst only 79, 000 records on average were affected by breaches in cases of GDPR ready entities, those which had been the least GDPR compliant had roughly 212, 00 records impacted by security breaches.
Whenever a company experienced data breach, the overall system downtime was shorter for GDPR ready companies. As a direct consequence, the expenses associated with data breaches were also lower for GDPR compliant businesses. With only 37% of them experiencing a loss of over $500, 000 last year when compared with approximately 64% of the least GDPR-ready companies.
To conclude, these outcomes feature that protection development has turned into a critical upper hand for some organizations. Associations should work to amplify the business advantages of their protection ventures; which may go past the necessities of a specific security direction.