SINGAPORE, March 12, 2019 /PRNewswire/ -- In response to the changing data privacy landscape created by the enactment of the European General Data Protection Regulation (GDPR) last year, CPO Magazine has released a comprehensive report outlining the challenges and priorities of data protection and privacy officers around the world in 2019. The goal of the Data Protection and Privacy Officer Priorities 2019 report is to provide insights on the strategies that matter for governance and compliance.
The report is based on a survey of 252 global privacy professionals working for a wide range of organizations across 14 different industries. The majority of the responses are from global privacy professionals working in two of the highest-visibility industries in terms of data privacy: Technology & Software and Financial Services.
As the report outlines, organizations are taking an important preliminary step to build a privacy-aware culture and enhance their governance of data processing activities. But are they doing enough? 45% of respondents, for example, say they are spending less than $250,000 annually on data protection and privacy. Moreover, approximately one-half of all organizations allocate less than 5% of their risk management and compliance budget on data privacy programs. And 23% of organizations have only a single employee handling their data protection and privacy function.
"The findings of the report are particularly interesting in the context of the GDPR, which has emerged as the gold standard for privacy regulation in the world," said Wei Chieh Lim, who is the CEO of CPO Magazine. "Worldwide, organizations are waking up to the realities of living in a post-GDPR world. The goal of our report was to provide early benchmarks on performance, and to highlight how the relative maturity of an organization's data privacy program can have a significant impact on strategic priorities."
As more nations around the world enact privacy regulations based on the GDPR in 2019, the findings of the report are especially relevant for any organization looking for insights on how to allocate budgetary and other resources to address the most important data privacy issues. While there may be no "magic bullet" that can protect organizations from cyber attacks and data breaches, the report provides several actionable steps that organizations can take over the next 12 months to leverage existing resources and minimize overall risk.
Media Contact: David Lim, CPO Editor ([email protected])
About CPO Magazine
CPO Magazine (or Chief Privacy Officer Magazine) provides news, insights, and resources to help data protection, privacy and cybersecurity leaders make sense of the evolving landscape to better protect their organizations and customers.
SOURCE CPO Magazine