Privacy is becoming a must-have business requirement

90% of survey respondents globally consider privacy a must-have business requirement. In Vietnam, 89% of respondents also agreed with this view.

The survey is conducted annually with the goal of assessing privacy practices at the enterprise, the impact of privacy on organizations and their views on data privacy. This year’s survey results show that organizations have seen tangible benefits from prioritizing and investing in privacy.

Privacy has truly become a must-have business requirement and an important factor in building customer trust in organizations around the world. 93% of survey respondents in Vietnam said customers would not make a purchase if their data was not properly protected, and 95% said that external privacy certifications are important in the buying process their shopping.

Organizations see an effective Return on Investment (ROI) from privacy, with incremental benefits for small and midsize organizations. In Vietnam, over 70% of survey respondents feel that they are getting significant business value from privacy by building trust with customers, making their company more attractive. , gain efficiency, enable innovation, mitigate damage from data breaches, and reduce business delays.

Survey participants in Vietnam estimated their ROI to be 2.7 times higher than the average spend. This is slightly lower than last year (2.9 times) and can be attributed to continued need to respond to the pandemic and adapt to new requirements, but is still higher than the global average. demand is 1.8 times this year.

Privacy laws continue to have a very positive response around the world, although complying with these regulations often requires significant effort and costs (e.g. data cataloging, maintaining records processing, implementing controls – privacy, responding to user requests). In Vietnam, 90% of businesses surveyed said that the privacy law has a positive impact and only 4% said the law has a negative impact.

“Vietnamese organizations are increasingly focused on data collection and use, especially in the context of rapidly accelerating digital transformation. Along with that, privacy will become a priority for many organization and this was evident in our survey, with 98% of survey respondents in Vietnam saying they are reporting one or more privacy-related metrics to management. At Cisco, we believe that privacy is a fundamental human right and we need security and transparency to protect that right.It is encouraging that organizations are focusing more on this area. “, Ms. Luong Thi Le Thuy – General Director of Cisco Vietnam said.

As Governments and organizations continue to demand increased data protection, they also introduce requirements for data localization. 92% of survey respondents in Vietnam said this has become an important issue for their organization. However, 89% believe that localization requirements are significantly increasing their operating costs.

Finally, when it comes to data usage, 89% of survey respondents in Vietnam realize that their organization must use data responsibly. In addition, 88% believe that they already have processes in place to ensure automated decision making is carried out according to customer expectations.

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