Cisco Publishes Its Data Privacy Benchmark Study

Cisco has just published its data privacy benchmark study, which can be accessed here: https://www.cisco.com/c/dam/en_us/about/doing_business/trust-center/docs/dpbs-2019.pdf The conclusions? Organizations that have invested in the maturation of their data privacy practices are now realizing valuable business benefits from these investments.

A key pivot point has been the European Union’s General Data Protection Requirement (GDPR). This regulation went into force in May 2018, though many organizations are still not compliant. Data privacy is coming at large enterprises from every direction and most do not appear ready for the change.

Per Cisco’s report, the benefits of GDPR compliance are tangible – organizations that invested in GDPR readiness have shorter sales cycles due to customer privacy concerns. Shorter sales cycles translate to more rapid revenue and profits. Most interesting is that only 37 percent of GDPR-ready companies experienced a data breach costing over $500,000. In contrast, 64 percent of the least GDPR-ready companies experienced a data breach of that or greater magnitude.

Other key findings include:

• 87 percent of companies have experienced delays in sales due to privacy concerns, up from 66 percent last year.

• Sales delays by country varied from 2.2 to 5.5 weeks. Italy, Turkey, and Russia are at the lower end of the range. Spain, Brazil, and Canada at the higher end of the range.

• The investigation of customer requests for privacy needs, translating privacy information into customer languages, educating customers about an organization’s privacy practices, or redesigning products to meet customer privacy needs were the primary reasons for sales cycle delay.

• GDPR-readiness varied by country from 42 percent to 75 percent. Spain, Italy, the U.K., and France were at the top of the range. Japan, China, and Australia were on the lower end.

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