A survey of corporate privacy programs at Fortune 1,000 companies shows that they are grappling with privacy requirements in the face of increased regulatory scrutiny and growing consumer concerns.
Companies are also struggling to juggle the advantages of new technological breakthroughs and their associated privacy risks.
Trevor Hughes, president and CEO of the International Association of Privacy Professionals, said: “The study showed that managing privacy in the ever-changing technological landscape with seemingly endless layers of regulation to comply with, cultural sentiments to accommodate and consumer expectations to satisfy requires strong privacy programs and leadership.”
The findings also show that regulatory pressures have resulted in the development of a growing and lucrative profession:
- The average annual privacy budget is $2.4 million.
- The annual privacy spend equates to an average of $204 per $1 million in revenue.
- Privacy spending for the Fortune 1,000 is expected to approach $3 billion in 2015.
- Only 26% of companies characterize their privacy programs as mature.
- More than 50% of employees in privacy roles earn more than $200,000 in base salary.
- Many of the Fortune 1,000 are looking to recruit additional employees to focus on privacy issues, with 33% of organizations planning to increase fully dedicated privacy headcount in the next year.
- There is a clear trend of privacy responsibilities that are linked to security.
- 93% of chief privacy officers (CPOs) indicated having a close working relationship with their information security colleagues
- 79% of CPOs report working with the broader IT organization.
- More than 60% report satisfaction with their influence over IT and information security operations.
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