Security News > 2023 > February > Cisco: Companies are spending on privacy protection, but do customers know it?

Cisco's 2023 Data Privacy Benchmark Study found that companies that invest in closing the gap are benefitting: The study found that the estimated dollar value of benefits from privacy rose more than 13% in 2022 to $3.4 million from $3.0 million the year before, with significant gains across the various organization sizes.

A Cisco blog about its 2023 Data Privacy Benchmark Survey said its estimated $3.4 million value of benefits from privacy initiatives constituted 1.8 times spending on privacy, with 36% of organizations getting returns at least twice their spending.

Figure A. Nearly three quarters of organizations Cisco surveyed said they were getting "Significant" or "Very significant" benefits from privacy investments.

Ninety-two percent of respondents to Cisco's survey said their organizations need to do more to reassure customers about their data, and organizations' privacy priorities differ with those expressed by consumers.

Still, a look at Cisco's 2022 Consumer Privacy Survey suggests a persistent disconnect between data privacy measures by companies and what consumers expect from organizations, especially regarding how organizations apply and use artificial intelligence.

Cisco's 2023 privacy study suggests that organizations are taking steps to make consumers more comfortable with AI:. Cisco recommends baking in transparency, privacy and AI ethics.

News URL

https://www.techrepublic.com/article/cisco-companies-spending-privacy/