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TrustArc's 4th Annual Benchmarks Survey Reveals Strong Privacy Outcomes for Companies with Smart Governance Frameworks
News provided byTrustArc
May 26, 2023, 9:36 AM ET
Breakthrough AI Technologies Rank at the Top of Privacy Challenges for Executives in 2023
SAN FRANCISCO, May 26, 2023 /PRNewswire/ -- TrustArc, a leader in privacy solutions, is pleased to share the results of its 4th annual TrustArc Global Privacy Benchmarks Survey. The comprehensive report provides a 360-degree corporate view into key privacy developments worldwide, including the Global Privacy Index, and highlights challenges, threats, and best practices in privacy management. The survey captured responses from over 2,000 privacy professionals globally.
In the era of digital transformation and the proliferation of sensitive data, managing privacy risk is increasingly vital for organizations. The report reveals that companies prioritize privacy-related activities and invest more in data security as part of their operational and competitive strategies. However, data breaches and the challenges of complying with regulations such as GDPR and CCPA continue to pose significant threats.
Some of the top findings from the 2023 Global Privacy Benchmarks Survey indicate:
- AI is ranked as the top privacy challenge among executives. This emerging technology has already sparked AI frameworks and regulations in many countries, adding an additional layer of consideration to privacy compliance and ethics for organizations.
- Effective governance frameworks drive strong privacy outcomes. Despite being adopted by only 19% of companies, the Nymity Privacy Management Accountability Framework® is associated with the highest Privacy Index scores among 13 frameworks and certification or compliance standards.
- Companies that measure privacy performance inspire three times more confidence in their privacy efforts compared to those that don't.
- Third-party risk management continues to be a major concern, with over 10% of companies losing trade partners due to risks when evaluating privacy compliance risk across a company's end-to-end supply chain of vendors.
"It is increasingly vital for organizations to approach privacy management as table-stakes, as consumers and regulators alike put privacy rights at the forefront," said Jason Wesbecher, CEO at TrustArc. "We hope this report serves as a guide for companies striving to enhance their privacy practices and build trust with their stakeholders."
The full report, including detailed analysis and recommendations, is available for download at https://trustarc.com/global-privacy-benchmarks-report.
About TrustArc: TrustArc is a leading provider of privacy solutions, empowering organizations to manage their privacy programs effectively. With a comprehensive suite of tools and services, we enable businesses to navigate the complexities of privacy regulations, protect sensitive data, and build trust with their customers.
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