The rapidly growing amount of data created in digital societies has led to an increase in personal data collection and usage for commercial purposes. Many large international companies use data to sell targeted advertising and services, while smaller organisations may also collect and sell such information to other businesses, or for other reasons. For instance, data gathering can reduce costs, help improve existing services and provide opportunities for innovation, such as geo-location information to match supply and demand in certain fields, like ride-sharing.
At the same time, personal data-collection efforts have increasingly been met with scepticism among regulators and the general public alike about the type and amount of data that companies can hold about individuals and how it can be used, largely due to privacy and cyber-security concerns.
This report finds that companies are aware of the importance of data privacy and are taking measures to meet the new reality of a more privacy-conscious world; however, there are differences between regions and large and small companies in both preparedness and measures taken. The key findings are:
- Data privacy is becoming increasingly important to organisations in the face of numerous rising concerns.
- Executives in China and South-east Asia are more likely to tie data privacy practices to good corporate governance than those in the West.
- Cyber-security concerns will be the chief driver of stronger data-protection strategies.
- American executives believe their companies are more prepared to face regulations than those in other regions.
- Executives generally believe people are willing to trade data privacy for improved services.
- Small firms lag their large counterparts in readiness to face regulations.
Download the report to find out more.