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Privacy and security, generative AI is at risk

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Privacy and security, generative AI is at risk

Cisco Data Privacy Benchmark Study 2024 reveals that 1 in 4 companies prohibit the use of generative AI due to privacy and data security risks. Privacy is much more than just a matter of regulatory compliance. This is underlined by the seventh edition of the Cisco report which involved 2,600 privacy and security professionals in 12 geographical areas. Among the main concerns shown by interviewees were threats related to the company’s rights and intellectual property and the risk of disclosing information to the public or competitors.

Privacy and security issues

Dev Stahlkopf, Chief Legal Officer at Cisco
Organizations view GenAI as a technology full of challenges. Over 90% of respondents believe that GenAI requires new techniques for the management and security of data and risks. This is where careful governance comes into play. Customer trust is at stake.

The situation in Italy

In Italy, 38% of those interviewed say they have entered sensitive information, including information about employees and the company. Most organizations are aware of these risks and are already putting a control policy in place to limit any damage. 51% of Italian organizations have established limitations on the data that can be entered. While another 51% placed limits on the GenAI tools that can be used in the company. Finally, 21% said they have completely banned GenAI applications, at least for now.

Generative AI and transparency

I consumers they continue to be concerned about AI using their data. In fact, 91% of organizations recognize that they need to do more to reassure their customers about the transparent legitimate use of their data. However, companies and end users have different priorities. The former indicate compliance with privacy laws (25%) and the prevention of data breaches (23%) as their main priorities. Instead, consumers demand clear information about how their data is used, and ask that it not be sold for marketing purposes.

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The importance of certifications and laws

Harvey Jang, vice president and chief privacy officer di Cisco
94% of respondents say that customers only buy if their data is adequately protected. Consumers are looking for concrete evidence that the organization is trustworthy. Privacy is intrinsically linked to customer trust and loyalty. This is even more evident when it comes to AI, where investing in privacy allows organizations to act ethically and responsibly.

Privacy laws and their impact

Despite the costs and requirements associated with privacy laws, 80% of global respondents believe privacy laws have had a positive impact. Although complying with these laws often involves significant effort and cost. Governments and companies are starting to set up the localization requirements within the country or region. This allows you to catalog data, keep records of processing activities, implement the necessary controls and respond to user requests. Most companies believe that their data is safer when stored within their own country or region.

Privacy and security issues: a valuable investment

Over the past five years, spending on privacy has more than doubled, the benefits have increased, and the return on investment has been more than positive. 95% (88% in Italy) declared that the benefits deriving from correct management of privacy exceed the costs incurred. They estimate, on average, a return equal to almost 1.6 times the investment made, in Italy this figure rises to 1.7. In 2023, larger organizations increased their performance compared to last year expense for privacy around 8%. While smaller organizations saw lower investment. For example, companies with 50-249 employees have reduced their privacy investments by an average of 25%.

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