TrustArc’s fourth annual benchmark survey reveals strong privacy results for companies with smart governance frameworks

Innovative AI technologies are at the top of privacy challenges for executives in 2023

SAN FRANCISCO

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May 26, 2023

/PRNewswire/ — TrustArc, a leader in privacy solutions, is pleased to share the results of its fourth annual TrustArc Global Privacy Benchmarks Survey. The comprehensive report provides a 360-degree corporate view of key privacy developments around the world, including the Global Privacy Index, and highlights challenges, threats and best practices in privacy management. The survey captured responses from more than 2,000 privacy professionals around the world.

In the era of digital transformation and the proliferation of sensitive data, privacy risk management is becoming increasingly vital for organizations. The report reveals that companies are prioritizing privacy-related activities and investing more in data security as part of their operational and competitive strategies. However, data breaches and the challenges of complying with regulations like GDPR and CCPA continue to pose significant threats.

Some of the key findings from the 2023 Global Privacy Benchmarks Survey indicate:

• AI is ranked as the top privacy challenge among executives. This emerging technology has already spawned AI frameworks and regulations in many countries, adding an additional layer of consideration to privacy and ethics compliance for organizations.

• Effective governance frameworks drive strong privacy results. Despite being adopted by only 19% of companies, the Nymity Privacy Management Accountability Framework
  
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  is associated with the highest Privacy Index scores among 13 certification or compliance frameworks and standards.

• Companies that measure privacy performance inspire three times more confidence in their privacy efforts than those that don’t.

• Third-party risk management remains a major concern, with more than 10% of companies losing business partners due to risk when assessing privacy compliance risk across a company’s supplier supply chain.

“It is increasingly vital that organizations approach privacy management as stakes are on the table, as both consumers and regulators put privacy rights at the forefront,” he said.

jason wesbecher

, CEO of TrustArc. “We hope this report serves as a guide for companies striving to improve their privacy practices and build trust with their stakeholders.”

The full report, including detailed analysis and recommendations, is available for download at https://trustarc.com/global-privacy-benchmarks-report.

About TrustArc: TrustArc is a leading provider of privacy solutions that enable organizations to effectively manage their privacy programs. With a comprehensive set of tools and services, we enable businesses to navigate the complexities of privacy regulations, protect sensitive data, and build trust with their customers.

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SOURCE TrustArc