There’s a predictive relationship between responsible privacy practices and security outcomes, according to Osano.
Companies with inadequate data privacy practices are 80 percent more likely to suffer a data breach than those with the highest-ranked privacy practices and will face fines seven times larger than companies with the best scores in the event of a data breach.
The average company shares its data with 730 different vendors, and according to the Internal Auditors Research Foundation, third parties were responsible for two out of every three data breaches.
Many companies are lagging behind current data privacy requirements. By prioritizing best-in-class privacy practices, companies can reduce the risk of security incidents and demonstrate trustworthiness to customers.