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The Information Systems Audit and Control Association (ISACA) released a report regarding the privacy practices of enterprises this 2023. The study involves 1,890 global respondents, 62 from Australia and New Zealand.
According to ISACA’s Privacy in Practice 2023, only 35 per cent of its respondents– organisations in Australia and New Zealand have confidence in their privacy teams to carry out data privacy compliance in line with new privacy laws and regulations.
Most are facing hurdles such as acquiring skilful and competent staff and privacy budgets.
On the flip side, enterprises that are proactive in implementing privacy gain beneficial results.
“We have seen a remarkable increase in the volume and sophistication of data breaches in Australia over the past year. This new research serves to validate and urge enterprises to prioritise privacy by design,” said Information Security Advisory Group, ISACA, Jo Stewart-Rattray.
Organisations must prioritise the safekeeping of their data subjects’ personal information to avoid losing trust and maintain their credible reputation in the industry.
“This means ensuring that good privacy practices are built into your organisation’s decision-making and digital transformation from the outset. It is an investment that will return benefits in the form of consumer trust, reputational respect and in turn, financial security,” Stewart-Rattray added.
Here are the essential findings of the report:
- 30% of the organisations in New Zealand and Australia gain an advantage by using privacy by design.
- When compared to global results of 92% vs. 73% overall, people in Australia and New Zealand are 1.5 times more likely to have confidence in their organisation’s ability to protect the privacy of its sensitive data and are more likely to believe that their organisation’s privacy strategy is aligned with organisational goals.
- Privacy program curation faces three main challenges: lack of competent resources; lack of clarity on the mandate, roles and responsibilities; and lack of business/executive support.
- Only 50% of the respondents feel that the board supports them regarding privacy matters.
- Only 31% of the respondents said their privacy budgets were appropriately allocated.
“Organisations may desire to comply with privacy regulations and build a privacy by design culture, but without a strong team of privacy practitioners, they face significant obstacles to achieving these goals,” mentioned Safia Kazi, ISACA principal privacy practices.
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