Given the need to get messages delivered, email teams have more than a passing interest in privacy.
But satisfying consumer demands in this area bestows other benefits, judging by Privacy’s Growing Importance and Impact, a study released last week by Cisco Secure.
For instance, 36% of companies are getting a return on investment of at least twice their spending, while 6% are seeing a return on investment of 3x to 5x their spending, 24% are seeing 2x to 3x and 6% are enjoying 5x and above.
Overall, 47% of firms are seeing ROI of 1x to 2x their spending.
In addition, brands that invest in privacy enjoy these benefits:
Moreover, 95% of companies feel that privacy is a business imperative, and the same percentage claims privacy is an integral part of their culture.
In addition, 94% believe their customers won’t buy from them if their data is not properly protected.
And they are willing to spend on it. In 2022, the average firm spent $2.7 million privacy, the same as 2021, but up from the $2.4 million reported in 2020 and $1.2 million in 2019.
The financial benefit? An average of $3.4 million, versus $3.0 million in 2021.
Enterprise firms with 10,000+ employees derive $4.1 million in benefit, up from $3.8 million in 2021 but the same as 2019.
Still, as often happens, consumers and companies have different views of the priorities.
Consumers say the following actions build trust:
Here is how organizations see the priorities:
At the same time 92% of businesses agree that their organization needs to do more than reassure customers their data is being used for legitimate purposes.
Do organizations forward privacy metrics to the board? Yes — 98% report one or more privacy related metrics -- up from 94% in the prior year.
These metrics include:
This data was derived from the Cisco Security Outcomes survey, a poll of more than 4,700 security professionals from 26 geographies, conducted in summer 2022. Cisco Secure also surveyed 2,600 consumers in 12 geographies.