Many organisations have doubled their spending budgets on online privacy during the COVID-19 pandemic.
Througout Europe, communications regulators have found that citizens and companies are spending a record amount of time online during lockdowns. There have been growing concerns however, about how users’ personal data is being shared and protected.
An overwhelming 93% of organisations turned to their privacy teams for advice during the pandemic, leading to the doubling of privacy budgets in 2020 to an average of $2.4 million (€1.98 million).
Product and service selection has also become a priority during the pandemic, and 93% of organisations are now reporting privacy assessments and metrics to their Boards.
Many companies had to adapt their privacy policies to a “remote working model” as suddenly, everyone is working remotely. Data is now off office premises. Employees have access to highly confidential data on their devices, which is now not directly controlled by their IT department. High-profile privacy and security breaches have often occurred because people took data out of the office.
Customers’ habits are also important to consider because approximately 90% of organisations said their customers will not buy from them if they are not clear about data practices and protection.
There is strong evidence that the commitment to privacy has been strengthened during the pandemic. Organisations that know hot to get privacy right improve trust with their customers and increase operational efficiency.