Privacy is mission-critical to 91 percent of Asia Pacific respondents and 82 percent of Filipino organizations, according to a survey.
In Cisco’s 2022 Data Privacy Benchmark Study, the survey showed that organizations in Asia Pacific continue to invest in privacy and estimate return on investment at 1.8 times spending on average, according to Cisco’s annual global review of privacy corporate practices, covering more than 4,900 professionals across 27 geographies.
In the Philippines, privacy legislation has been well received with 94 percent of local respondents seeing a positive impact.
Significantly, 85 percent of the respondents in the Philippines said customers would not buy from them if their data was not properly protected, and 97 percent indicated that external privacy certifications are important in their buying process.
“Data privacy continues to be crucial for business success, not just in the Philippines, but across the Asia Pacific,” confirmed Cisco Philippines’ Managing Director Zaza Nicart.
Majority, or 96 percent of organizations in the region, say they are reporting one or more privacy-related metrics to their board, and privacy investment rising with an average budget increase of 18 percent, she pointed out.
“These trends are more pronounced in the region when compared to the rest of the world,” according to Nicart.
Privacy’s Return on Investment (ROI) remains high for the third straight year, with increased benefits for small to medium size organizations.
More than 60 percent 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.
Respondents estimate their ROI to be 1.8 times spending on average. Respondents from the Philippines reporter higher ROI of 2.3 times this year, compared to 2.1 times in 2021.
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., cataloging data, maintaining records of processing activities, implementing controls – privacy by design, responding to user requests).
In the Philippines, 94 percent of the country’s corporate respondents said privacy laws have had a positive impact, and only 1percent indicated the laws have had a negative impact.
As governments and organizations continue to demand further data protection, they are putting in place data localization requirements.
Notably, eighty-eight percent of survey respondents in the Philippines said this has become an important issue for their organizations.
But it comes at a price – locally, because 82 percent maintained that localization requirements are adding significant cost to their operation.
Finally, when it comes to using data, 83 percent survey respondents in the Philippines recognize that their organization has a responsibility to only use data in a responsible manner.
Nearly as many (82 percent) believe they already have processes in place to ensure automated decision-making is done in accordance with customer expectations.
Yet, Cisco’s 2021 Consumer Privacy Survey showed many individuals want more transparency and 56 percent of consumers surveyed globally are concerned about the use of data in AI and automated decision-making.
Some forty-six percent of consumers surveyed felt they cannot adequately protect their data, chiefly because they do not understand what organizations are collecting and doing with their data.
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