Privacy has become a crucial business imperative and customer demand, especially with the rise of artificial intelligence. Cisco’s Comparative Data Privacy Study, along with the Consumer Privacy Survey, examines data governance trends, investments, and the impact of evolving technologies.
Dev Stahlkopf, Cisco’s Legal Director, discusses the key findings of the 2024 Data Privacy Benchmark Study based on a survey of 2,600 security and privacy professionals in 12 countries. The study reveals that organizations see a link between privacy and trust, with 94% of customers unwilling to buy from businesses that do not adequately protect their data. Furthermore, the return on investment in privacy outweighs the costs, as organizations earn $160 for every $100 spent on privacy.
Support for privacy laws has increased among organizations and consumers, with 80% of respondents acknowledging the positive impact of regulations on their organizations. Privacy laws are seen as essential for building customer trust, and governments are expected to play a leading role in data protection.
As technology rapidly evolves, privacy laws and regulations will continue to focus on transparency, fairness, and accountability in data collection, use, and compliance. The intersection of AI and privacy poses new challenges, requiring organizations to develop governance programs to manage risks associated with AI technology. Privacy by design principles are essential in product development to protect customers’ privacy rights while utilizing AI capabilities.
Addressing the risks associated with AI, organizations must conduct risk assessments and implement governance structures. Through responsible AI principles and policies, companies can leverage AI capabilities while protecting sensitive information and maintaining customer trust.
In navigating the current environment, companies are advised to approach AI with caution, adaptability, and strong partnerships between the public and private sectors. Collaboration across industries, government, developers, and users is essential for promoting responsible innovation without compromising privacy and security. As AI continues to evolve, organizations must prioritize privacy protections while harnessing the potential benefits of AI technology.
Article Source
https://newsroom.cisco.com/c/r/newsroom/en/us/a/y2024/m02/privacy-governance-and-ai-global-trends-on-data.html
