Issue link: https://insights.oneneck.com/i/1094068
CISCO CYBERSECURITY SERIES 2019 Data Privacy Benchmark Study 10 Furthermore, once a breach occurred, the GDPR-ready companies experienced a smaller impact. The average number of records impacted was 79,000 for these companies versus 212,000 for those that are least ready for GDPR (see Figure 9) GDPR-ready companies also experienced shorter system downtimes associated with the breach, perhaps connected again to better management of their data assets. GDPR-ready companies had an average system downtime of 6.4 hours versus 9.4 hours for organizations least ready for GDPR. (See Figure 9) With fewer records impacted and shorter downtimes, it is not surprising that the GDPR-ready companies experienced lower overall costs associated with data breaches. Only 37% of these companies had losses from data breaches totaling at least $500,000, compared to 64% of those companies least prepared for GDPR (See Figure 10) Organizations recognizing the benefits of privacy investment The previous two sections of this study highlighted the correlations between privacy investments and business benefits, such as shorter sales delays and fewer and less costly data breaches. It is interesting to note that most respondents are now recognizing many of these benefits. When asked whether privacy investment was yielding benefits (such as greater agility and innovation, gaining a competitive advantage, achieving operational efficiency, etc.), 75% of all respondents identified two or more of these benefits and nearly all companies (97%) identified at least one benefit. (See Figure 11) Nearly all companies (97%) report they are receiving auxiliary benefits today from their privacy investments – including agility / innovation, competitive advantage, operational efficiency, mitigating losses from breaches, reducing sales delays, and gaining appeal with investors. With fewer records impacted and shorter downtimes, it is not surprising that the GDPR- ready companies experienced lower overall costs associated with data breaches. Figure 11 Source: Cisco 2019 Data Privacy Benchmark Study 42% Enabling agility and innovation from having appropriate data controls. 41% Gaining competitive advantage versus other organizations. 41% Achieving operational efficiency from having data organized and catalogued. 39% Mitigating losses from data breaches. 37% Reducing any sales delays due to privacy concerns from customers/prospects. 36% Gaining appeal with investors. 3% None of the above. Benefits of privacy investments Percent of respondents, N=3259 Figure 10 0% 10% 20% 30% 40% 50% 60% 70% GDPR ready GDPR ready < 1 Year GDPR ready > 1 Year 37% 46% 64% Source: Cisco 2019 Data Privacy Benchmark Study Probability of data breach loss of $500k Percent of respondents, N=3206 Data Privacy Benchmark Study