In a recent Gartner report The State of Privacy and Personal Data Protection, 2020-2022, the authors assume that “through 2022, privacy-driven spending on compliance tooling will increase to more than US$8 billion worldwide. By 2023, 65 percent of the world’s population will have its personal information covered under modern privacy regulations, up from 10 percent today.
By 2023, companies that earn and maintain digital trust with customers will see 30 percent more digital commerce profits than their competitors.
By 2024, more than 80 percent of organizations worldwide will face modern privacy and data protection requirements.”
In the report, we believe Gartner lays out the challenges enterprises must overcome to adapt their privacy programs for better scale and performance in the face of tighter budgets. The authors cite the need for enterprises to standardize on a global policy when handling personal data, mitigate expensive manual processes, and reduce exposure to fines and potential litigation as principal roadblocks to meeting the demands of intensified worldwide privacy regulations adoption.
We feel the report authors point out the successful incorporation of privacy programs into an organization’s data strategy, independent of being a regulatory requirement, brings quantifiable business benefits, especially for B2C and B2B2C organizations. In light of this, it makes good business sense to think of this initiative as a revenue-generating program rather than a cost to be reduced. Gartner advises that enterprises worldwide “Adopt key capabilities that support increasing volume, variety and velocity of personal data by putting in place a three-stage technology-enabled privacy program.” They also suggest breaking down the building of a technology-enabled privacy program into three stages of traditional adoption — establish, maintain and evolve.
How do enterprises make managing evolving privacy regulations work?
In our view, the report explains that the challenge of setting up and maintaining a privacy program is proportional to the volume of data under management, the number of users, and the complexity of the data landscape. Before investing in a modern privacy program, organizations should evaluate their capabilities, ascertain where improvements will add value and develop a plan to meet evolving privacy regulations. The assessment also allows organizations to benchmark themselves against their industrial peers and run the benchmarking exercise periodically to track progress and inform leadership.
Get a copy of the full Gartner report here.
Source: Gartner, The State of Privacy and Personal Data Protection, 2020-2022, Nader Henein, Bart Willemsen, Bernard Woo, 26 August 2020
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