92% of consumers won’t buy from businesses failing in data protection

This has pushed organisations to consider privacy a true business imperative.

About 92% of consumers said they would not buy from an organisation that fails at protecting their data, a study by Cisco showed.

The same number of consumers also consider external privacy certifications important in their buying process, according to the 2022 Data Privacy Benchmark study.

This has pushed organisations to consider privacy a true business imperative, with 94% sharing the sentiment. The same number of organisations also recognise that their organisation has a responsibility to only use data in a responsible manner.

More than 60% of organisations surveyed for this study also said privacy has gotten them “significant business value”, especially when it comes to “to reducing sales delays, mitigating losses from data breaches, enabling innovation, achieving efficiency, building trust with customers, and making their company more attractive.”

“Respondents in Singapore estimate their ROI to be two times spending on average, a marked increase from last year (1.6 times spending),” Cisco added.

Meanwhile, organisations also view privacy legislation in Singapore in a good light, with 84% saying it had a positive impact on them.