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Despite seemingly near-constant reports of data breaches, a new study found that the introduction of the EU's general data protection regulation had resulted in a reduction in the number of data exposed and stolen by companies that comply with the GDPR regulations.
This statement comes from Cisco Systems Inc.'s new data privacy benchmarking study, which is based on data from 3,200 security professionals around the world.
The study found that nearly 60% of organizations now fulfill most or all of the GDPR requirements, and nearly 30% are expected to do so within one year.
The GDPR came into effect in May and establishes confidentiality rules for companies in the European Union and those on the Internet. The regulation imposes strict rules on personally identifiable information with strict penalties for companies that do not comply.
To comply with the GDPR, companies have been forced to improve security procedures. As a result, those who have done so are now less likely to experience a data breach.
74% of the companies described as being the most ready for the GDPR have experienced fewer data breaches in the past year than companies that do not comply or are just about to comply with the GDPR. 80% of GDPR-compliant companies reported being affected by a data breach since May, compared to nearly 90% non-compliant.
Attacks against companies filing GDRP-related complaints are also less important, with an average of 79,000 cases exposed, compared with 212,000 for non-compliant firms.
Only 37% of GDPR-compliant enterprises reported a loss of more than USD 500,000 due to a data breach, compared to 64% for non-compliant firms.
"These results underscore that privacy investments have created business value far beyond compliance and have become an important competitive advantage for many businesses," Cisco said in its study. "Organizations must therefore strive to understand the privacy implications of their investments, including reducing delays in their sales cycle and the risks and costs badociated with data breaches, as well as others." Potential benefits such as agility / innovation, competitive advantage and operational efficiency. "
A complete copy of the study is available here.
Picture: Pixabay
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