Organisations around the world agree that privacy is mission-critical

Source: Cisco. Visual from the Cisco 2022 Data Privacy Benchmark Study.

Cisco’s 2022 Data Privacy Benchmark Study* has found that privacy is mission-critical, with 90% of global respondents considering privacy a business imperative. In Singapore, the figure is 94%. The survey – an annual global review of privacy corporate practices, on the impact of privacy on organisations and their views towards data privacy – showed that organisations see a high return on investments from privacy spending.

Privacy has become a true business imperative and a critical component of customer trust for organisations around the world, Cisco observed. Ninety-two percent of the respondents in Singapore said they would not buy from an organisation that does not properly protect its data, and the same number (92%) indicated that external privacy certifications are important in their buying process.

Privacy’s return on investment (ROI) remains high for the third straight year, with increased benefits for small to medium size organisations. Respondents in Singapore estimated their ROI to be two times spending on average, a marked increase from last year (1.6 times spending). 

In Singapore, more than 60% of respondents felt they were getting significant business value from privacy, especially when it comes to reducing sales delays, mitigating losses from data breaches, enabling innovation, achieving efficiency, building trust with customers, and making their company more attractive.

“Against the backdrop of growing digital touchpoints and recent updates in Singapore’s Personal Data Protection Act, privacy continues to grow in importance for organisations in the country. Locally, 94% of organisations say they are reporting one or more privacy-related metrics to their board,” said Andy Lee, MD, Cisco, Singapore and Brunei. 

“At Cisco, we believe privacy is a fundamental human right, and we need security and transparency to protect it. It is encouraging to see that organisations are reaping significant business value from privacy and considering it a business imperative.”

Privacy legislation continues to be very well received around the world even though complying with these laws often involves significant effort and cost (e.g., cataloguing data, maintaining records of processing activities, implementing controls – privacy by design, responding to user requests), Cisco said. In Singapore, 84% of all corporate respondents said privacy laws have had a positive impact, whereas 3% indicated the laws have had a negative impact.

Governments and organisations also said they are implementing data localisation. Ninety-four percent of survey respondents in Singapore said this has become an important issue for their organisations, but 94% said that localisation requirements are adding significant cost to their operation.

“When it comes to storing data, organisations must ensure that they comply with the data localisation legislations in the jurisdictions where data is being collected. Last year, Cisco expanded its Duo data centre presence in the region including one in Singapore to enable customers with operations in ASEAN to store their data locally in Singapore and comply with the respective laws,” said Lee.

Duo is Cisco’s zero trust secure access platform which includes solutions like multifactor authentication (MFA), single sign-on (SSO), VPN-less remote access, device trust and adaptive risk-based policies. 

Finally, when it comes to using data, 94% of survey respondents in Singapore recognised that their organisation has a responsibility to only use data in a responsible manner. In fact, 88% believe they already have processes in place to ensure automated decision-making is done in accordance with customer expectations. 

However, Cisco’s 2021 Consumer Privacy Survey showed many individuals want more transparency and 56% of consumers surveyed globally are concerned about the use of data in AI and automated decision-making. Forty-six percent of consumers surveyed felt they cannot adequately protect their data, chiefly because they do not understand what organisations are collecting and doing with their data.

“Cisco is committed to data privacy, including governance of emergent technologies such as artificial intelligence,” says Anurag Dhingra, Cisco VP and CTO, Collaboration.

“We’re publishing the Responsible AI Framework as part of Cisco’s commitment to transparency and adaptability by establishing a governance process and concrete working practices for our development teams, including vital communication channels with our customers and constituencies. The framework defines clear principles in alignment with the values of our customers.”

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Read more about the 2022 Data Privacy Benchmark Study

*Anonymous survey analysing the responses of more than 4,900 security, IT, and privacy professionals across 27 geographies: Australia, Brazil, Canada, Chile, mainland China, Columbia, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, KSA, Malaysia, Mexico, the Philippines, Russia, Singapore, South Korea, Spain, Taiwan, Thailand, the Netherlands, UK, US, and Vietnam.