Has Privacy Maturity become an important advantage for many companies?

Has Privacy Maturity become an important advantage for many companies

Has Privacy Maturity become an important advantage for many companies

As reported by Cisco in its Data Privacy Benchmark Study, companies that follow the requirements of the General Data Protection Regulations experience benefits like lower frequency and effects of data breaches; as well as fewer records being impacted in the attacks, shorter downtime and lower overall costs. GDPR regulation came into effect in the European Union on May 25. It  addresses data protection of EU residents and the export of personal data outside the EU and EEA countries. The report used the data collected through a double blind survey that has been answered by over 3200 security professionals, from 18 nations from all around the world and all the major industries.

Security benefits go beyond the scope of the GDPR provisions. Companies have a considerable way to go to increase the value of their privacy investments. Research demonstrates that the market is set up and ready for all those willing to invest in data assets and privacy can be the path forward to arrive there; according to Michelle Dennedy, Cisco’s Chief Privacy Officer.

With regards at the level of GDPR readiness among the respondents; 59% of them said that they’re meeting either all or most of GDPR’s provisions, while 29% of them stated that GDPR readiness is one year away and another 9% indicated that they’d need more than a year to be ready.

Privacy

Country GDPR readiness was between 42% to 76%, with the European nations involved with the survey; surprisingly scoring much higher on the scale when compared to nations from other continents. According to Cisco’s study, companies GDPR readiness appears to be one of the factors behind a lower impact and frequency of data breaches affecting such entities.

GDPR requires organizations to know where there personally identifiable information is located and provides appropriate protection for this data. These efforts can have helped organizations better understand their data. The risks associated with their data, and also to establish or strengthen protection for that data.

In addition, out of all of the businesses that have reported at least data breach throughout the last year. Only 74% of GDPR prepared organizations were among them. While 80% of businesses who were less than a year from taking all the measures needed for GDPR readiness; and 89% of those that needed more than a year were breached. To make things even worse for businesses that have not implemented all the measures necessary to fully adhere to the GDPR, whilst only 79, 000 records on average were affected by breaches in cases of GDPR ready entities, those which had been the least GDPR compliant had roughly 212, 00 records impacted by security breaches.

Whenever a company experienced data breach, the overall system downtime was shorter for GDPR ready companies. As a direct consequence, the expenses associated with data breaches were also lower for GDPR compliant businesses. With only 37% of them experiencing a loss of over $500, 000 last year when compared with approximately 64% of the least GDPR-ready companies.

To conclude, these outcomes feature that protection development has turned into a critical upper hand for some organizations. Associations should work to amplify the business advantages of their protection ventures; which may go past the necessities of a specific security direction.

Rohit N Shetty

Rohit Shetty born and brought up in Mumbai is a Digital Marketer by profession and a writer and philanthropist by passion.
Rohit started his career with First Step Publishing in Mumbai in 2011 as a Digital Marketer and excelled in the field of Publishing. With First Step Publishing, Rohit eliminated the cumbersome process of waiting for a writer to get published. With First Step Publishing, Rohit Shetty has been known for marching forward with some great titles and allowing first-time authors to find a platform and publish their content in a market space that focuses on branding a certain ‘author’ rather than scouring talent.

In an interview with DNA, First Step Publishing has been reported to be one of the fast-growing publishing firms based in Mumbai. The firm has the tagline ‘Paying Ways For New Writers’ which is meant to reflect the motive with which it was founded.

Rohit Shetty holds two National Records Records being Book With the Shortest Title ” i ” with Limca Book of Records Special Literature Edition and with India Book of Records as well. He holds the title of the Most Published poet of India in 2012 and 2013 with India Book Of Records and Unique World Records.

Apart from writing, Rohit is also an active Philanthropist and works towards Education and Health sectors.

Awards and Recognitions
Nominated four times for India’s Fourth Highest Civilian Award Padma Shri in 2017, 2018, 2019 and 2020
2012: Rohit has been recognized for his work and felicitated at the Grand Finale of Mulund Fest in 2012 by MLC Mr Charan Singh Sapra and MPCC President Mr Manikrao Thackrey
2012 and 2013: Most Published Poet by India Book of Records
2015: Book with the Shortest Title from Limca Book of Records, India Book of Records
2018: Member of NITI Ayog Atal Movement of change and Mentor of Change
2019: Nominated by Social Samosa as 40 Under 40 Digital Marketers in India
2019: Rohit Digital Marketing Blog www.rohitnshetty.com ranked 13th Spot as India’s Best Digital Marketing Blog by Expertido
2019: Rohit Digital Marketing Blog www.rohitnshetty.com was also Ranked in Top 50 India’s Best Digital Marketing Blog by Feedspot
2019: Received prestigious Dr APJ Abdul Kalam Memorial Award for work towards building the nation
2020: Global Brand Icon Awad by Brand Opus
2021: Rashtriya Prerna Award