74% report that their company holds a positive reputation for privacy and data protection compared to competitors
MENLO PARK, Calif. and LONDON, Nov. 4, 2024 -- While cyber threats have grown more frequent and more sophisticated each year, only 8% of global executives say they are concerned or extremely concerned about their company's ability to protect customer and client data over the next five years, according to a recent survey by global consulting firm Protiviti in collaboration with the University of Oxford. The survey, titled "Executive Outlook on the Future of Privacy, 2030" is part of the newest installment of VISION by Protiviti, the thought leadership series that focuses on the future of business.
The survey found that business executives retain high confidence about their organizations' data privacy readiness and ability to safeguard data. Surprisingly, 76% of business leaders said they have very mild to no concern about their company's ability to protect customer data over the next five years.
"Consumers today are increasingly concerned about the protection of their personal data online. As the data privacy landscape continues to evolve and new technologies emerge at an increasingly fast pace, it's critical for leaders to evaluate their privacy programs from all angles," said Sameer Ansari, global leader, security and privacy, Protiviti. "The rapid advancement of GenAI across enterprises can often outpace existing privacy regulations creating protection gaps for customers."
Data Security Requires Collaboration Between Employer and Employees
A significant majority of executives (77%) feel confident or very confident about their employees' ability to understand the importance of keeping customer data secure. This figure reaches an overwhelming majority of 91% among North American business executives despite a lack of comprehensive set of U.S. regulations to protect consumer data vs. disclosing a breach after it happens.
The survey reveals strong confidence in the organization's ability to maintain customer trust regarding data security, with 84% of executives believing their organization is effective or extremely effective in this area. This assurance likely fuels the 74% who report that their company holds a positive reputation for privacy and data protection compared to their nearest competitors. These findings underscore the critical relationship between effective data protection and an organization's reputation. Trust among customers and employees is fragile as a single data breach has the potential to significantly erode it.
Contradicting Personal Privacy Concerns
The survey reveals an astonishing discrepancy between executives' confidence in their company's data protection capabilities and their concerns about their personal data privacy. While only 8% of executives expressed concern about their company's ability to protect client data, a significant 78% of respondents were worried about their own personal data privacy over the next five years.
Top Challenges to Data Privacy Compliance
When surveyed about their companies' biggest challenges in complying with privacy regulations, respondents identified the following top three issues:
- Maintaining an effective control environment amid emerging threats
- Identifying all internal systems that contain personal data
- Dealing with different and sometimes conflicting data privacy regimes
Regionally, the challenges varied: in North America, the top challenge was "dealing with different and sometimes conflicting data privacy regimes." In Asia-Pacific, it was "maintaining an effective control environment among emerging threats." Interestingly, Europe's top cited challenge "training staff in light of the quickly evolving landscape" was not even among the top 3 challenges globally overall.
Looking Ahead: AI's Role in Privacy Protection Outpaces Other Emerging Technologies
As privacy and cybersecurity remain at the forefront of business concerns, three-quarters of global executives expect AI to impact significantly their data privacy strategies moving forward. The belief that AI will be a force for good in privacy protection was consistent across geographies, industries and age groups. In contrast, a mere 5% of leaders view AI as harmful to their privacy initiatives.
In terms of addressing privacy concerns, AI outpaced other emerging technologies like augmented and virtual reality (60%), cloud computing (65%), blockchain (65%), and quantum computing (47%).
"There's no doubt AI and other emerging technologies will have a significant impact on data protection and privacy. While executives express a positive outlook on AI to protect consumer data, it will be important for business leaders to also clearly understand the risks of threat actors using AI to access customer data in new malicious ways," said Cory Gunderson, chief operating officer and executive vice president, global solutions, Protiviti.
The study surveyed 250 board members, C-suite executives and other business leaders in 14 countries in North America, Europe and Asia-Pacific representing more than 25 industries. Survey data was collected in August and September 2024.
Learn More About the Future of Privacy, 2030 and Beyond
The survey report, "Executive Outlook on the Future of Privacy, 2030" is available for complimentary download at VISION by Protiviti. This edition of VISION features additional content and insights from privacy luminaries and leaders from the world's top companies, including:
- Former Apple, Google CPOs on the future of data privacy
- Microsoft's Sarah Armstrong-Smith on protecting data and minimizing threat
- Future of Privacy Forum CEO Jules Polonetsky on "exciting but risky" road ahead
- The Economist's Dexter Thillien: Privacy in peril amid digital data explosion
- UPenn Wharton School Vice Dean, Mauro F. Guillén: How AI radically changes the data privacy landscape
- Protiviti's Tom Moore on the evolution of the CPO and its uncertain future
About The University of Oxford
Established in 2018, the Global Centre on Healthcare and Urbanisation (GCHU) at Kellogg College, University of Oxford, brings together leading and influential thinkers in an interdisciplinary approach embracing evidence-based healthcare, sustainable urban development, and education, and provides a collaborative forum for organisations active in these disciplines. The GCHU asks vital questions on the role of cities in healthcare and wellbeing to better understand the impact and consequences of urbanisation, trains and informs the next leaders in healthcare and urbanisation to nurture the highest standards, and undertakes research and scholarship at the intersection of healthcare and urbanisation to inform recommendations for future practice.
About Protiviti
Protiviti (www.protiviti.com) is a global consulting firm that delivers deep expertise, objective insights, a tailored approach and unparalleled collaboration to help leaders confidently face the future. Protiviti and its independent and locally owned member firms provide clients with consulting and managed solutions in finance, technology, operations, data, digital, legal, HR, risk and internal audit through a network of more than 90 offices in over 25 countries.
Named to the Fortune 100 Best Companies to Work For® list for the 10th consecutive year, Protiviti has served more than 80 percent of Fortune 100 and nearly 80 percent of Fortune 500 companies. The firm also works with government agencies and smaller, growing companies, including those looking to go public. Protiviti is a wholly owned subsidiary of Robert Half (NYSE: RHI).
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