Survey by FTI Consulting: “…reported significant increases in spend and data privacy-related programs. Though respondents are increasing their emphasis on privacy compliance, the results showed that many are also willing to take risks in the interest of tapping into the value of their data. Still others believe that “good faith” efforts will improve their position with regulators. Key findings include:
- 97 percent of organizations will increase their spend on data privacy in the coming year, with nearly one-third indicating plans to increase budgets by between 90 percent and more than 100 percent.
- 78 percent agreed with the statement: “The value of data is encouraging organizations to find ways to avoid complying fully with data privacy regulation.”
- 87 percent of respondents believed that steps toward compliance will mitigate regulatory scrutiny. More than half strongly agreed with this idea.
- 44 percent said they expect lack of awareness and training to be the key data privacy challenge of the coming year.
In terms of solutions, respondents indicated a diverse array of techniques for the coming year, and only 6 percent said they had no plans for change. The top-rated solutions set for implementation over the next 12 months included establishing a clear, consistent set of data privacy standards, updating agreements and contracts with external parties, reviewing standard data privacy practices of supply chains and building privacy-by-design programs….(More)”.