January 29, 2018
Originally posted 2018-11-19 11:21:13
By Chloe Coska | amdlawgroup.com
According to a survey conducted by the International Association of Privacy Professionals (IAPP) on 1000 companies, Companies spend $2,4 billion to protect their assets and information.The organization in this survey found that corporations spend approximately $204 on privacy per $1 million in revenue.
According to the report, 38 percent of the respondents declare they would increase significantly their privacy budget in the next year with an average of 34 percent. This augmentation in spending more resources on privacy correlates to the increase of cyberattacks, loss of information, etc. Companies are aware of those risks and are trying to reinforce their privacy policies.
This also means more employment. According to the report one third of the companies plan to increase the amount of full and part-time employees in the coming year.
Finally, according to the survey, compliance is a top priority for companies–49 percent ranked regulatory and legal compliance first. This is all the more important as corporations are now urging lawmakers to approve a national standard for data breach notification.
Indeed, on November 21st, Tony Hadley, Experian’s senior vice president of public policy, and Rachel Thomas, vice president of government affairs for the Direct Marketing Association, expressed their concern at the Cybersecurity discussion that Congress should harmonize State and Federal Law regarding to notification of breach. As of now, there are different standards regarding breach notification among the states and US companies spend on average $5.9 million investigating and responding to a data breach.
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