Cisco says 65% of Indian organisations better prepared for GDPR
India IS amongst the nations leading globally in their preparedness towards the General Data Protection Regulation (GDPR), says a recent report by the US communications and networking equipment firm, Cisco. According to the report, organisations worldwide that invested in maturing their data privacy practices are now realising tangible business benefits from these investments. The study validates the link between good privacy practice and business benefits as respondents report shorter sales delays as well as fewer and less costly data breaches.
The European Union’s GDPR, which focused on increasing protection for EU residents’ privacy and personal data, became enforceable in May 2018. Organisations worldwide have been working steadily towards getting ready for GDPR. Within Cisco’s 2019 Data Privacy Benchmark Study, 59% of organisations reported meeting all or most requirements, 29% expect to do so within a year, and 9% will take more than a year. Indian stood sixth globally with 65% of Indian organisations showing higher preparedness towards meeting most or all of the GDPR requirements.
“This past year, privacy and data protection importance increased dramatically. Data is the new currency, and as the market shifts, we see organisations realising real business benefits from their investments in protecting their data,” said Michelle Dennedy, chief privacy officer, Cisco. “At Cisco, we absolutely believe in both protecting our customers and driving business success by maximising the value of data and minimising risk.”
Vishak Raman, director, Security, Cisco said, “India has greatly improved upon its GDPR readiness with its fast evolving data privacy ecosystem, which is primarily because of a collaborative approach by the government and private organisations. However, there remains a huge scope for Indian organisations to increase their investments in people, and technology controls to meet customer privacy requirements faster.