As it enters its third year, the 2022 TrustArc Global Privacy Benchmarks Survey will again explore how companies’ priorities and strategic approaches to data privacy and security are evolving. Now is your chance to participate and add your voice to this year’s findings! Our Report will also dive into the top challenges in privacy management and compliance readiness, providing you with rich actionable insights to keep you ahead of the curve.
Privacy risks and implications continue to stay in the spotlight in 2022 and there is no time like today for companies to go “above and beyond” simply complying with privacy laws. Utilizing privacy practices as a differentiator, brand leaders leverage privacy practices as part of their brand building and marketing strategy. This approach applies a privacy lens to consumer experiences and marketing activities – no easy feat in the era of global commerce and privacy regulation proliferation.
Heads-Up: New Privacy Regulations Coming Your Way
Regulatory changes are being introduced at a record pace and organizations are clearly moving fast to prioritize privacy management. The 2021 Privacy Benchmarks Survey also uncovered more formal process implementation specific to privacy.
Companies are increasingly adopting purpose-built software to address ongoing needs that, without software, would present immense challenges. The use of purpose-built privacy software stood out in increasing competence and confidence in an enterprise’s ability to manage privacy.
While there is evidence that stand-alone solutions can be effective in managing specific compliance requirements such as cookie consent, companies that had implemented a comprehensive privacy management platform scored significantly higher on the Global Privacy Index.
Maintaining a privacy culture that permeates from the Board of Directors through the ranks, as well as incorporating privacy into core business strategy, were other distinguishing features of privacy leaders.
Please take a few minutes and help us learn about your privacy practices – the survey is being conducted by our third-party research partner. Your response will be anonymous and confidential. We value your privacy!
About the 2021 Report
The independent report commissioned by TrustArc and conducted by Golfdale Consulting included 1,630 respondents from primarily $500M+ size companies with head offices in the U.S., Europe and the U.K. Their operations were well distributed globally.
Key findings from the 2021 report included:
- Privacy becoming a priority at the highest levels: 83% of enterprises had created formal Privacy Offices compared with 67% in 2020, an increase of 16 percentage points.
- Privacy work is never done: Across all roles, from senior executives to full-time employees, 73% agreed or strongly agreed they should do more on privacy.
- Increasing security risks are a key factor in privacy prioritization: Cybersecurity risks from third parties or attackers were a top privacy concern for leaders, with 51% highlighting it as their top challenge for 2021.
- As threats grew, privacy improved: The TrustArc Global Privacy Index median score climbed to 70% in 2021 (from 62% the previous year), with top-quartile companies at 85% or better, up from 79%.