With the 'boom' of artificial intelligence being developed, warnings have also been raised about the need to take care of users' data and privacy. truly, Cisco's latest study, 'Data Privacy Benchmark Study'94% of companies believe that people won't buy from them if they don't protect them “Relevant to its customers' data.”
What's more, the report, based on responses from 2,600 privacy and security professionals from 12 countries, finds that in this era of artificial intelligence development, consumers are beginning to play a key role. “They're looking for better evidence that companies can be trusted when it comes to privacy.”
With this in mind, 91% of experts recognized that companies should do more to guarantee that their customers' data is being used. “Purpose and Legitimate Purposes in AI.”
Likewise, 97% of those surveyed recognized it as the most important thing for companies Build trust among customersWhile ensuring the ethical use of data.
Among the top concerns surrounding the use of AI being developed today, respondents cited threats to a company's legal and intellectual property rights (69%) and the risk of disclosing information to the public or competitors (68%).
“Businesses see manufacturing AI as a fundamentally different technology with new challenges to consider. More than 90% of respondents believe AI needs to develop new techniques for managing data and risk. “This is where thoughtful management comes into play and protecting customer trust depends on it.” Dev Stallkopf, Cisco's chief legal officer, commented.
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But despite major challenges in terms of regulation and privacy, the report shows that most companies put controls in place to limit exposure.
That's how it is 63% have established limits on the data that can be entered61% of employees have limitations on what generative AI tools they can use and 27% say their company currently bans generative AI applications.
The Cisco report also found that companies' priorities for building trust among consumers differ from those of individuals.
For example, 25% of those surveyed said one Their main priorities are compliance with privacy legislation23% of executives said their top priority is avoiding data breaches.
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Cyber ​​security
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“This suggests that greater attention to transparency may be useful, especially for AI applications where it can be difficult to understand how algorithms make their decisions.”Drafted the report.
Despite the costs and demands that privacy laws can impose on organizations, 80% of respondents said privacy laws have had a positive impact on organizations, and only 6% said the impact was negative. At the end of the report, Strong privacy regulations They increase consumer trust in the companies they choose to share their data with.
Although data protection is carefully evaluated in many organizations, it is true that implementing privacy policies also requires large investments.
According to a Cisco report, Privacy spending has doubled in the past five yearsA period in which profits go up and profits are strong.
This year, 95% of executives have consulted The benefits of privacy far outweigh its costs.
Also, 80% reported receiving significant benefits “Faith and Faith” Their privacy investments, and this is even higher (92%) for privacy mature companies.
“By 2023, large companies (10,000+ employees) will increase their privacy spending by 7% to 8%. However, smaller firms reported less investment; For example, companies with 50-249 employees cut their investment in privacy by a quarter on average.The report highlighted.
The report also formulates some recommendations for companies to build trust among their customers.
For example, Stresses the need to provide greater transparency About how your organization uses, manages and uses personal information.
Likewise, they recommend establishing ethical management programs for artificial intelligence, which involve humans in the process and eliminate any bias in algorithms when AI is used to automate decision-making involving customer data.
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According to the company, the report explores current privacy trends, challenges and opportunities. It is based on data collected from an anonymous survey conducted in 12 countries in the summer of 2023.
Privacy practices within organizations and spending, reactions to privacy legislation, data localization requirements and artificial intelligence are thus explored.
“Findings from this research demonstrate the continued importance of privacy for businesses and how they serve their customers. “Privacy has become a critical component and facilitator of customer trust.” Cisco concluded the report.
Johanna Lordui
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