The importance of privacy in building customer trust has been highlighted in Cisco's 2024 Data Privacy Benchmark Study (view full report or infographic). Now in its seventh year, the report surveyed 2,600 security and privacy professionals across 12 countries.
Among the key findings, the survey found that 94% of organisations believe customers would not purchase from them if they did not adequately protect personal data. Furthermore, 97% of respondents felt their organisation was responsible for using data ethically. In terms of the support for privacy laws, 80% (global) indicated that data protection legislation has had a positive impact on them, with only 6% saying the impact has been negative. At the country level, that figure increases to 84% positive and 5% negative impact for the UK.
Unsurprisingly, artificial intelligence (AI) featured heavily in the report. While 91% of organisations recognise that they need to do more to build customer confidence regarding AI, 79% are already getting significant value from generative AI applications. However, 69% remain concerned about data being shared with competitors or the public.
As an investment, 95% of organisations believe that privacy benefits far exceed its costs, with an average of 1.6 times return on investment. Additionally, 80% of organisations report significant loyalty and trust benefits from their privacy investments.
Compare results against previous surveys:
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