Cisco: 53% of companies surveyed lost $500,000 from cyberattacks last year
A new report from Cisco has revealed that 53% of the 3,000 companies that responded to its 2018 Privacy Maturity Benchmark Study survey experienced losses of $500,000 in the face of cyberattacks last year.
However, the report also reflected that investment in cybersecurity is worthwhile in counteracting these threats, with 74% of privacy immature organisations experiencing such losses, compared to 39% of privacy mature organisations.
“This research demonstrates that good privacy is good for business, and organizations need to invest in data privacy governance and process to reap the benefits,” said Michelle Dennedy, Chief Privacy Officer, Cisco.
Further, the report shows that two-thirds of respondents claimed to have suffered from sales delays as a result of data privacy concerns, with the average delay recorded as 7.8 weeks.
Cisco argues that the impending GDPR regulations set to be enforced in May 2018 may increase these delays, as firms become increasingly concerned about violating privacy protections.
However, again, privacy immature organisations suffered significantly more from these delays, with ad hoc firms experiencing an average 16.8-week delays compared to the 3.3 weeks experienced on average by optimised firms.
“Privacy professionals and sales executives all know that privacy/data protection concerns can slow the sales cycle,” said John Gevertz, Chief Privacy Officer, Visa. “Having good data to support that knowledge will help drive the actions needed for improvement.”
For more information, see the full 2018 Privacy Maturity Benchmark Study.