Confidence and concern: The future of protecting customer data

Trust among employees and customers in a business is conditional with a data breach having the potential to compromise it. 

Despite cyber threats growing in prominence and sophistication each year, reflected in consumers’ choices and behavior, company leaders are expressing confidence in their strategies to shield customers from data fraud. 

For instance, only eight percent of global executives say they are concerned or extremely concerned about their company’s ability to protect customer and client data over the next five years, according to a recent survey by global consulting firm Protiviti in collaboration with the University of Oxford. 

The survey, “Executive Outlook on the Future of Privacy, 2030” found that business executives have high confidence in their organizations’ data privacy preparedness to safeguard data. The survey also showed that 76 percent of business leaders have very mild to no concern about their company’s ability to protect customer data over the next five years. 

Sameer Ansari, global leader of security and privacy at Protiviti, confirmed that consumers are increasingly concerned about how their personal data is being protected online. “As the data privacy landscape continues to evolve and new technologies emerge at an increasingly fast pace, it’s critical for leaders to evaluate their privacy programs from all angles,” he said, while adding: “The rapid advancement of GenAI across enterprises can often outpace existing privacy regulations creating protection gaps for customers.” 

Contradicting personal privacy concerns 

The survey, however, revealed a discrepancy between executives’ confidence in their organizations’ data protection capabilities and their concerns about personal data privacy. While only eight percent of executives expressed concern about their company’s ability to protect customer data, 78 percent of respondents are worried about their personal data privacy. 

At the same time, Tom Moore, senior managing director of data privacy at Protiviti, expressed his observations about the role of chief privacy officers (CPO) in a recent company blog.  

He acknowledged that while globally, there’s been a dramatic increase in the number of privacy regulations, the CPO role can be seen in decline. 

As one of the reasons for this, Moore suggested that the lack of measurable KPIs makes it difficult to conduct benchmarking for privacy professionals. As the status quo is that information and data should be protected, unless an information breach occurs, a regulatory investigation is launched or a fine is levied, “some companies may have a hard time evidencing that the CPO role has had a significant and direct impact on customer sentiment, the business and its bottom line,” Moore said. 

Trust in AI’s role in privacy protection 

As privacy and cybersecurity undoubtedly impact the business scene, a growing number of global executives see AI for its transformative role in data privacy strategies. In fact, 75 percent of leaders anticipate AI to play a pivotal role in enhancing privacy protection.  

While some emerging technologies like cloud computing (65 percent), blockchain (65 percent) and augmented/virtual reality (60 percent) are also seen as promising for privacy, AI leads the way. Only five percent of executives see AI as a potential threat to privacy initiatives, emphasizing its perceived value as a driving force for data protection measures. 

With AI’s influence set to grow, businesses are rethinking their privacy frameworks, leveraging the technology’s potential to safeguard data and maintain trust in an increasingly digitized world. 

“There’s no doubt AI and other emerging technologies will have a significant impact on data protection and privacy. While executives express a positive outlook on AI to protect consumer data, it will be important for business leaders to also clearly understand the risks of threat actors using AI to access customer data in new malicious ways,” said Cory Gunderson, chief operating officer and executive vice president of global solutions at Protiviti. 

As technological innovation continues to evolve in the near future, both businesses and consumers will continue to refine their data protection approach to allow them to get the best of both worlds – personalized experiences based on their data and secure storage of it.