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The report reveals that companies prioritize privacy-related activities and invest more in data security as part of their operational and competitive strategies. However, data breaches and the challenges of complying with regulations such as GDPR and CCPA continue to pose significant threats.
AI is ranked as the top privacy challenge among executives according to the survey. This emerging technology has already sparked AI frameworks and regulations in many countries, adding an additional layer of consideration to privacy compliance and ethics for organizations. The Nymity Privacy Management Accountability Framework® is associated with the highest Privacy Index scores among 13 frameworks and certification or compliance standards, although it is adopted by only 19% of companies.
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The survey also found that companies that measure privacy performance inspire three times more confidence in their privacy efforts compared to those that don't. Third-party risk management continues to be a major concern, with over 10% of companies losing trade partners due to risks when evaluating privacy compliance risk across a company's end-to-end supply chain of vendors.
Jason Wesbecher, CEO at TrustArc said: "It is increasingly vital for organizations to approach privacy management as table-stakes, as consumers and regulators alike put privacy rights at the forefront." He added: "We hope this report serves as a guide for companies striving to enhance their privacy practices and build trust with their stakeholders."
The full report is available for download at https://trustarc.com/global-privacy-benchmarks-....
Filed Under: Business
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