AI, Brand Reputation, and Compliance Top Risks Identified in TrustArc's 5th Annual Global Privacy Benchmark Survey

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Jun 04, 2024, 12:00 ET

SAN FRANCISCO, June 4, 2024 /PRNewswire/ -- TrustArc, a global leader in data privacy management and governance solutions, announced the findings from its 5th Annual Global Privacy Benchmark Survey today. The comprehensive study offers a 360-degree corporate view into key privacy developments, corporate priorities, and readiness. It provides an annual assessment of privacy management and tracks year-over-year changes to the Global Privacy Index. This year's report focused on emerging areas of importance for privacy and compliance professionals, including considerations and implications of Artificial Intelligence (AI) technologies, building brand trust, and different approaches for higher privacy competence scores.

Key findings from this year's report include that, among survey respondents:

Almost half of companies are making AI a priority in 2024. Globally, 88% of those surveyed indicate it is important or very important.
The top three reported privacy risks in 2024 are AI, brand reputation, and compliance.
Maintaining brand trust remains the top privacy goal, followed closely by maintaining regulatory compliance.
Organizations with the highest privacy competence scores report using dedicated privacy management solutions and principles-based approaches. In fact, taking a principles-based approach (e.g. Nymity Privacy Management Accountability Framework, TRUSTe Enterprise Privacy & Data Governance Practices standards, APEC CBPR) scores highest (74%) on privacy competence compared to a rules-based regulatory approach (56%) on the Global Privacy Index.
According to the Privacy Index, a principles-based approach scores 14 points above average for organizations. Specifically, TrustArc's proprietary Nymity Privacy Management Accountability Framework™ (PMAF) scores at the top of the index at 72%.

"Metrics and data are a critical currency for privacy and compliance professionals, particularly as they justify and lobby for required resources to operate their programs and manage risk in 2024. To enable and empower the privacy community, we are excited to share our fifth annual benchmarks report, which provides a comprehensive view into this year's hottest privacy trends, developments, priorities, attitudes, and initiatives," said Val Ilchenko, General Counsel and Chief Privacy Officer at TrustArc.

The study surveyed 1,803 participants, representing the United States, Europe, the United Kingdom, Canada, South America, and Asia. The survey incorporated perspectives from four primary roles: executives, managers, full-time (non-managerial) employees, and privacy team members, predominantly from large and medium-sized companies.

"Our methodology continues to ensure a global, balanced, 360° perspective into key privacy issues while also identifying changes in privacy competence and confidence year over year through a Global Privacy Index," added Gary Edwards, PhD, head of research and CEO of Golfdale Consulting.

In the current climate of rapid AI adoption and integration into products and services, an emphasis on risk management and privacy is crucial. Many companies, particularly those integrating AI, have elevated their privacy initiatives and increased investments in data security and protection as core operational and growth strategy components. While AI presents significant new opportunities, it also necessitates staying ahead of a growing list of new privacy laws and higher demands for privacy management accountability. TrustArc's solutions can help privacy, legal, security, and compliance teams operationalize and automate their privacy and AI governance programs while assessing risk. TrustArc's solutions and services, including its newly released TRUSTe Responsible AI Certification, can help privacy, legal, security, and compliance teams operationalize and automate their privacy and AI governance programs, reduce risk, and demonstrate compliance.

For more information on the 2024 Global Privacy Benchmark Survey and to download the full report, please visit www.trustarc.com or contact [email protected].

About TrustArc

As the leader in data privacy, TrustArc automates and simplifies the creation of end-to-end privacy management programs for global organizations. TrustArc is the only company to deliver the depth of privacy intelligence coupled with complete platform automation that is essential for the growing number of privacy regulations in an ever-changing digital world. Headquartered in San Francisco and backed by a global team across the Americas, Europe, and Asia, TrustArc helps customers worldwide demonstrate compliance, minimize risk, and build trust. For additional information, visit www.trustarc.com.

SOURCE TrustArc