The 2023 Global Privacy Benchmarks Survey of over 2,000 privacy professionals found privacy continues to increase in importance for organizations, with most companies prioritizing privacy-related activities and investing more in data security. In the fourth year of the survey, we witnessed a slight increase in the percentage of enterprises with dedicated privacy teams, and along with this finding, a modest increase in the Privacy Index.
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 are prioritizing privacy-related activities and investing more in data security as part of their operational and growth strategies. However, data breaches and the challenges of complying with regulations such as GDPR and CCPA continue to pose significant threats.
Key takeaways include:
10 privacy insights impacting organizations in 2023, including AI as the top emerging privacy challenge for executives
The number of organizations passing (and failing) on the Global Privacy Index and the top indicator for success
Insight into how organizations allocate privacy budgets
“Three quarters (74%) believe their companies can do more when it comes to strengthening privacy. Interestingly, this sentiment has modestly increased, not decreased, over the past year.”
“Using the suite of TrustArc tools is incredibly important to us to document and track compliance with our global privacy program.”
Chief compliance officer, industrial company
Global Privacy Benchmark Standards are Evolving
As more and more regulations continue to come out in countries across the globe, companies will need to adjust and evolve the approach to their privacy programs. And keeping a pulse on how the market changes will also be important to understanding the broader privacy ecosystem of business, government and consumers.
Time to compliance: Down from eight to just three weeks
Before using TrustArc the customer’s processes were highly manual, inefficient and spreadsheet based. Now, with the automation of the TrustArc platform, time to compliance has been reduced by 75%.
TrustArc powers privacy compliance and risk management with integrated technology, consulting and TRUSTe certification solutions—addressing all phases of privacy program management. The foundation for our solutions is the TrustArc Privacy Platform which provides a flexible, scalable, and secure way to manage privacy. Our technology platform, fortified through six years of operating experience across a wide range of industries and client use cases, along with our services, leverage deep privacy expertise and proven methodologies which we have continuously enhanced through thousands of client projects over the past two decades. Headquartered in San Francisco, and backed by a global team, we help over 1,000 clients worldwide demonstrate compliance, minimize risk, and build trust. For more information, visit TrustArc.com.