- The average sales delay for those with ad hoc maturity was 16.8 weeks, but delays decreased for businesses with higher privacy maturity levels.
- Businesses with optimized privacy processes reported 3.4 weeks of sales delay, which is an 80 percent reduction compared to ad hoc organizations.
- Geography and industry also appear to play a significant role in the length of delay.
Cisco 2018 Data Privacy Maturity Benchmark Study highlightsData privacy concerns drive sales delays
- Companies in the government and healthcare sectors exhibited the longest average sales delays—19 weeks and 10.2 weeks, respectively—compared to other industries.
- Companies in the utilities, pharmaceuticals, and manufacturing sectors reported the shortest average delays, all 3 weeks or less.
- By geography, Latin America and Mexico are experiencing the longest sales delays, at 15.4 weeks and 13 weeks, respectively.
- China and Russia have the shortest delays, at 2.8 weeks and 3.3 weeks, respectively.
- The average sales delay (in weeks) by privacy maturity stage were as follows: ad hoc (16.8), repeatable (9.8), defined (5.1), managed (4.4), and optimized (3.3).
- Since organizations in the defined stage experienced 70 percent shorter sales delays vs. those in the ad hoc stage, companies might benefit significantly from moderate improvements in privacy maturity. Those that are "optimized" saw 80 percent shorter delays.
- Overall, 53 percent of respondents reported losses greater than $500,000 related to cyberattacks in the last 12 months.
- Privacy-immature companies (i.e., ad hoc stage) had the highest percentage (74 percent), with the percentage decreasing with increasing privacy maturity. The other levels were repeatable (66 percent), defined (49 percent), managed (43 percent), and optimized (39 percent).
- Measure current delays: Assess the scope of sales delays due to data privacy issues and understand how much sales revenue might be affected by the delays.
- Assess root causes: Portions of a delay may be caused by sales teams being unable to address customer concerns, incomplete or inaccessible corporate policies, or engineering/design issues. Executives need to know root causes to determine resolutions.
- Establish ongoing metrics and targeted initiatives: Regularly measure and track the sales delay metric, and set priorities for appropriate investments to reduce the delays.
- Explore effects on cyber losses: Assess the cause of any data breaches and losses that might have been avoided through more mature data privacy processes.
- Develop a data privacy and protection plan: If such a plan does not currently exist, plan to create policies and protocols that contribute to good security hygiene.
- Michelle Dennedy, Chief Privacy Officer, Cisco:
- John Gevertz, Chief Privacy Officer, VISA Inc.:
- Dr. William Lehr, Economist, Massachusetts Institute of Technology:
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