Although the arrival of GDPR may feel like a lifetime ago, privacy continues to be a hot topic for enterprises globally.
Investments continue in earnest, with 90% of those questioned in Cisco’s 2022 Data Privacy Benchmark study citing privacy as a mission-critical business imperative. This is because the pursuit of the perfect privacy policy is a never-ending challenge, as companies continuously need to respond to new regulations in addition to business and customer demands.
According to Gartner’s biennial Global Security and Risk Strategy Survey, the average budget dedicated to privacy in 2019 was US$1.7m, rising to $2.2m in 2021. VP analyst Bart Willemsen expects this figure to exceed $2.5m by 2025 and continue to grow.
“Given the international expansion of legal requirements and the fact privacy is a programme, not a project, spending will continue to increase,” he says.
What’s pushing the growth in privacy investment?
Two main issues are pushing this growth in privacy investment: legal compliance and digital trust.
