Issue link: https://insights.oneneck.com/i/1094068
CISCO CYBERSECURITY SERIES 2019 Data Privacy Benchmark Study 6 for both existing customers and prospects are significantly shorter than the average of 7.8 weeks reported in last year's survey, perhaps reflecting the fact that firms have become better equipped over the last year to answer customer's privacy concerns. By country, the distribution of sales delays for existing customers ranged from 2.2 weeks to 5.5 weeks. Longer delays can usually be found where privacy requirements are high or in a state of transition, as organizations work to adapt to the concerns raised by their customers. (See Figure 6) Sales delays, at a minimum, cause revenue to be deferred for some period of time. This can lead to missed revenue targets, impacting compensation, funding decisions, and investor relations. In addition, delayed sales can often turn into lost sales, for instance when delays cause a potential customer to buy a competitor's product or not buy the product or service at all. Figure 5 0-1 1-5 6-10 11-15 16-20 21-25 26-30 31-35 None 36-40 41-45 46-50 51+ 0 100 200 300 400 500 600 700 Source: Cisco 2019 Data Privacy Benchmark Study Average 3.9 weeks Delays in answering customers' data privacy concerns Percent of respondents, N=2081 Weeks delay Number of responses The top reasons for privacy- related sales delays: ● investigating specific customer requests ● translating privacy information into the customer's language ● educating the customer about the company's privacy practices or processes ● having to redesign the product to meet the customer's privacy requirements Figure 6 Source: Cisco 2019 Data Privacy Benchmark Study Country Avg delay (weeks) Argentina 3.9 Australia 3.9 Brazil 5.2 Canada 5.1 China 3.5 France 4.2 Germany 3.1 India 4.9 Italy 2.6 Japan 4.1 Mexico 2.9 Russia 2.5 Saudi Arabia 4.8 Spain 5.5 Turkey 2.2 United Kingdom 4.9 United States 3.7 Overall 3.9 Country break-down of distribution of sales delays Percent of respondents, N=2081