the has helped companies reduce data breaches. The global impact has also enabled customers to ask questions about how their data is protected.
Cisco System’s 2019 Data Privacy Benchmark Study is based on responses from 3,200 data professionals from across the world. Nearly 60% of the companies have met most of the GDPR requirements. 30% of these organisations have met with the regulations within 12 months. 97% of organisations reported that they have received auxiliary benefits from their privacy investments.
Companies around the world have finally accepted that privacy is good for business. These companies have started investing in people-driven processes and technology around data privacy management and awareness. The report highlights the improved business outcomes after these companies invested in GDPR compliance measures.
Data privacy has had a direct impact on the sales as well. Companies have reported improvement in sales number after they invested in data privacy. Customers are now assured that their data is secured, which has helped companies in reducing sales efforts.
The General Data Protection Regulation by European Union was enforced in May 2018. Companies operating in EU and those serving the area via internet will have to comply with the strict rules and regulation imposed by the EU. These organisations need to comply with the rules to continue doing business in EU.
As per the study, the GDPR compliant companies have reported fewer data breaches in last one year alone.
In the study, Cisco notes, “These results highlight that privacy investment has created business value far beyond compliance and has become an important competitive advantage for many companies. Organizations should, therefore, work to understand the implications of their privacy investments, including reducing delays in their sales cycle and lowering the risk and costs associated with data breaches as well as other potential benefits like agility/innovation, competitive advantage and operational efficiency.”