Businesses need to get the data privacy balance right

With multiple privacy regulations and laws having gone into effect over the past year or so and more on the way affecting both consumers and business alike, it’s no wonder people are sometimes confused about how their personal data can be used.

Cisco is releasing the findings of its 2019 Consumer Privacy Survey, highlighting the top areas where consumers continue to struggle to understand how companies are handling their personal data, and how far data privacy trust has progressed.

Key findings include that 24 percent of consumers want the government to control their data, 74 percent remain confused about data handling, and 49 percent don't trust the policies that companies have communicated.

GDPR is seen in a positive light around the world, with 55 percent seeing it favorably and just five percent unfavorably. In addition, consumers feel that GDPR has given them more control over their data and has enhanced their trust in companies using their data.

However 43 percent of consumers feel they still can't effectively protect their data today. The research looks at the potential for new business models where personal data might be used in new ways but could enhance personal safety and security, but up to 47 percent of those surveyed say they wouldn't be happy having their data used in this way.

The study suggests businesses can benefit from a new privacy framework that looks at the benefits and returns they can reap from privacy investments beyond the compliance and regulatory requirements.

Robert Waitman, director of data privacy and valuation writes on Cisco's blog. "As more consumers place a premium on proper protection of their data, companies have a significant opportunity to meet regulatory requirements while they realize business benefits and build trust with their customers."

You can find out more on the Cisco blog.

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