Investment in data privacy in Brazil falls below global average
According to a study released by Cisco, investments in data privacy among Brazilian organizations are falling below the global average.
The study interviewed 4,900 professionals in 27 countries and found that Brazilian firms invest a yearly average of $2.2 million in data privacy, compared with the global average of $2.7 million a year.
On the other hand, the Cisco data privacy benchmark found that 94% of the Brazilian professionals surveyed consider privacy a crucial element of the overall business strategy. This compares with the global average of 90%. Moreover, 91% of the Brazilian respondents believe customers would not buy from companies that do not protect customer data.
Respondents estimate their return on investment (ROI) concerning their data privacy initiatives is 1.8 times the spend on average. According to the benchmark, this remains very attractive, even if a little lower in relation to last year, when participants reported ROI of 1.9 times the spend. The study attributed the slight decrease to the ongoing need to respond to the pandemic, the need to adapt to new legislation, the uncertainty about international data transfers, and increased requests for data localization.
Regarding the impact of requirements around data localization, 85% of Brazilians stated that this translates into high costs. This compares with the effects reported by professionals in other countries, such as the United States (87%) and China (92%).
Concerning the impact of privacy laws, 83% said regulations on that front had a positive effect, while 3% stated the rules harmed business overall. In relation to which part of the IT organization should be accountable for privacy, only 25% of Brazilian security professionals said it is part of their remit.
When it comes to data usage, 96% of the study’s Brazilian respondents recognize that their organization has a responsibility to only use data responsibly, compared with the global average of 92%. Additionally, 92% of those polled in Brazil believe their organizations have processes to ensure that automated decision-making is done according to customer expectations, compared with 87% of global respondents.