A joint report by Cisco and the Centre for Information Policy Leadership outlines the business benefits of investing in data privacy management programmes. The report offers insights into how CIPL member companies derive value from privacy management programmes, looking at risk, compliance and other business benefits. The report finds privacy programmes enable companies to evade regulatory scrutiny and fines, resulting in fewer data breaches and avoiding damage to business reputations. Furthermore, they allow companies to use data more broadly, which creates a competitive advantage and builds consumer and stakeholder trust. More than 50% of respondents indicated benefits of at least $1 million from investing in a privacy programme over the last 12 months, while 28% reported benefits of over $10 million. The majority of respondents operate privacy maturity models and ISO or NIST privacy frameworks. Interestingly, leadership focus on positive outcomes rather than compliance obligations.
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