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82% of Philippine companies consider privacy as business need – survey
MANILA, Philippines — Philippine organizations are putting a premium on data privacy, with 82 percent of respondents in the country considering privacy a business imperative, a new Cisco study showed.
Cisco’s 2022 Data Privacy Benchmark Study surveyed more than 4,900 security, IT, and privacy professionals across 27 countries, including the Philippines, to get their insights about data privacy and security.
The study found that privacy has become a true business imperative and a critical component of customer trust for organizations around the world.
According to Cisco, 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.
Cisco said respondents also 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.
“Data privacy continues to be crucial for business success, not just in the Philippines, but across the Asia Pacific, with 96 percent of organizations in the region saying that they are reporting one or more privacy-related metrics to their board, and privacy investment rising with an average budget increase of 18 percent. These trends are more pronounced in the region when compared to the rest of the world,” Cisco Philippines managing director Zaza Nicart said.
The study showed that 83 percent of the respondents in the Philippines recognize that their organization has a responsibility to only use data in a responsible manner.
Nearly as many or around 82 percent, meanwhile, believe they already have processes in place to ensure automated decision-making that is done in accordance with customer expectations.
Cisco said privacy legislation also continues to be very well received around the world, even though complying with such laws often involves significant effort and cost.
According to the study, 94 percent of the country’s corporate respondents said privacy laws have had a positive impact, and only one percent indicated the laws have had a negative impact.
“At Cisco, we believe that privacy is a fundamental human right, therefore, we must protect it with adequate security and transparency tools. It is encouraging to see that organizations are reaping significant business value from privacy and considering it a business imperative,” Nicart said.
Source: https://www.philstar.com/business/2022/03/25/2169636/82-philippine-companies-consider-privacy-business-need-survey