The Cisco survey reveals that India is among top nations in terms of General Data Privacy Regulation or GDPR readiness while developed countries like the US, China, France, Australia, and Japan are far behind. India secured the sixth rank globally in GDPR readiness.
The report highlights that the global organizations investing in data privacy practices are receiving business benefits. The study shows the link between good privacy practice and business benefits like fewer or less costly data breaches.
The European Union’s General Data Protection Regulation or GDPR, which focused on increasing protection for EU residents’ privacy and personal data, became enforceable in May 2018. Organizations worldwide have been working towards getting ready for GDPR.
Cisco’s 2019 Data Privacy Benchmark Study says that 59 percent of organizations reported meeting all or most requirements, 29 percent expect to do so within a year, and 9 percent will take more than a year. Interestingly, Indian stood sixth globally with 65% of Indian organizations showing higher preparedness towards meeting most or all of the GDPR requirements.
The Cisco Chief Privacy Officer, Michelle Dennedy said: “This past year, privacy and data protection importance increased dramatically. Data is the new currency, and as the market shifts, we see organizations realizing real business benefits from their investments in protecting their data. At Cisco, we absolutely believe in both protecting our customers and driving business success by maximizing the value of data and minimizing risk.”
The customers are also concerned about the privacy policies associated with the various products and services. The GDPR ready organizations that are investing in data privacy have experienced shorter delays due to privacy concerns in selling to existing customers. Overall the average sales delay was 3.9 weeks in selling to customers, down from 7.8 weeks reported a year ago.
The Director, security, Vishak Raman emphasised saying, “India has greatly improved upon its GDPR readiness with its fast evolving data privacy ecosystem, which is primarily because of a collaborative approach by the government and private organizations. However, there remains huge scope for Indian organizations to increase their investments in people, and technology controls to meet customer privacy requirements faster”.
The GDPR ready organizations have shown less incidence of data breaches, security issues, and shorter system downtimes. There is less chance of having a significant financial loss from the data breach. The 75 percent of respondents cited that they have noticed multiple broader benefits from their privacy investments like greater ability and innovation, appropriate data control, and gaining the advantage in improved operational efficiency.
More than 3,200 global security and privacy professionals in 18 countries across major industries responded to the Cisco survey about their organizations’ privacy practices. The GDPR readiness varied from 42 percent to 75 percent. Spain, Italy, UK, and France were at the top of the range, while China, Japan, and Australia were on the lower end.
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