Accountability is seen as a business enabler. It is far more important than legal compliance.
Accountability strongly alienates with the digital strategy. It is all about data. It is about doing things well.
There has been a sharp rise in investor’s questions about organization´s accountability programs before putting their money on any company. Investors are asking companies about their privacy and security positions. They want to make sure themselves that they are putting money into security companies
The Global privacy assembly has set out as a strategic priority to develop common standards for accountability programs.
ICO did not publish anything yet about its accountability tool kit, because they are digesting the information received by its stakeholders.
There is still a lot of sift to be done into the toolkit. The toolkit mixes GDPR with other compliance laws in order to give a wide approach.
It is going to have impact in the market and into other DPAs. It is predicted to be an international standard.
Privacy is much more than accountability set, it must be conceived as a part of the business strategy. From the economical point of view, investments in privacy are getting good returns.
In a survey, where nearly 25000 companies were examined, appears that organizations are seeing very positive returns on their privacy investments. The latest surveys had shed light into the fact that it exist an intense interrelation between the inversions in accountability and the economical returns experimented by the companies.
BUSINESS IMPACT OF PRIVACY: Percentage of companies getting significant benefits from each area. Due to the investment in accountability programs they had experiment a considerable rise of;
- Agility and innovation: 71%
- Operational Efficiency: 72%
- Mitigating Breach Losses: 71%
- Investor Appeal: 73%.
There is a significant benefit for companies across the board of what they are getting in return of the investments made in privacy. The figures on the slides show that an average investment of €1.2m gets a €2.7m in return (47% are seeing their money doubled).
They do believe that the value of accountability is only going to go up. Customer’s attitude is changing. There are a large number of people who are actually seeking companies with strong accountability programs. Customers concerns about privacy are growing exponentially. Consumers want to buy somewhere where the company treats their data fairly. How do we treat their data is how do we treat them.
There is an ongoing project which aims to see how organizations are making data protection work, how they do put principles into concrete actions.
The DPAs are going to be very interest in the results of the accountability mapping project.