Privacy has become a priority for virtually every company regardless of size, vertical, and geography. Privacy regulations have popped up around the world, including Europe, the US, and China. India will soon be added to the list. Rising customers’ and employees’ privacy expectations are also converging to force businesses to prioritize privacy and will keep doing so in the future. Companies are responding by maturing their privacy programs, developing best practices, and sharpening their respective toolkits.
Companies are investing in privacy
According to Forrester survey data, most companies worldwide have adopted a formal privacy program and have a chief privacy officer (CPO) in place. Half of these CPOs report directly to the company’s CEO. While privacy programs are primarily set up to deliver on compliance requirements, one of the key benefits companies report as a result of their program is increased customer trust. With the volume of individuals’ privacy rights requests on the rise, new requirements being discussed, and emerging risks to tackle, privacy decision-makers expect to increase their privacy budgets in the next 12 months.
The appetite for adopting new technology is also rising. While most teams are still relying on spreadsheets to manage their programs, privacy teams are progressively investing in