Forrester Study: Customer Privacy is a Competitive Differentiator for 75% of Businesses

A Forrester Consulting survey released this week found that 75% of surveyed businesses see customer privacy as a competitive differentiator. If your business is not looking for a competitive advantage by improving its data privacy protections, then it may be losing business as other businesses make improvements to increase customer trust and comply with regulations such as the EU General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CaCPA).

The Forrester research surveyed more than 400 decision-makers for businesses in the United States, United Kingdom, and 5 other countries with 500 or more employees in the organization. It found that 79% consider safeguarding customers’ privacy a critical overall business priority. Among decision makers, 74% say that increased customer demand for privacy and security protections have shaped their overall business priorities.

It is clear that both customers and business executives are seeking to do more on data privacy, with this especially true in some areas of technology where there is greater data collection. Specifically, Forrester found that prioritizing privacy and security solutions makes them more likely to win and retain customers for their IoT devices and Artificial Intelligence solutions. 57% of senior management fear that AI and IoT will expose customers to greater security and privacy threats. There is overwhelming agreement among the survey respondents that the solution to privacy concerns around data collection is a strong system of consent and identity management. More than 80% of respondents said that such a system can also help them generate insights from the customer data that they collect.

This research supports what we have seen from other survey results recently. Two recent surveys of U.K. consumers that we have covered here on the Clarip Privacy Blog have emphasized just how important data privacy is to consumer purchasing decisions.

As a result, many businesses are already moving to adapt to higher expectations from consumers on privacy. For example, Deloitte CEO Cathy Engelbert recently said that data privacy is at the top of every CEO’s list of concerns.

If you would like to improve your data privacy practices and make privacy a competitive advantage for your business, call Clarip at 1-888-252-5653 to discuss our line of enterprise privacy software.

More from Clarip

EU GDPR
– GDPR Compliance
– Consent Management Software
– GDPR Data Mapping Software
– DSAR Portal
– GDPR Text

ePrivacy
– Cookie Scanner
– Cookie Banner Generator
– Cookie Consent Manager
– ePrivacy Regulation

California Consumer Privacy Act
– CCPA Summary
– CCPA vs GDPR
– CCPA Privacy Software
– CCPA Webinar

Other Blog Posts with Survey Data:

Survey: Half of UK Small Business Owners Confused by GDPR
IAPP Survey on Data Mapping, DPIAs, ROPAs & DSARs after GDPR
KPMG Survey: Consumers Expect Businesses Will Protect Their Data Privacy
Poll: Data Privacy Top Issue for Companies
Harris Poll Finds Less than Half Trust Big Tech with Personal Data
Survey: 88% of Irish Businesses Optimistic About GDPR Compliance
Privacy Survey Details Jump in Data Mapping, Privacy Audits
Survey: Data Privacy Top Concern for Potential Customers and Business Partners
Survey: Majority of Fintech Users Want Control Over Third Party Access to Financial Data
Survey: Only 35% of Companies Can Show GDPR Compliance
Survey: Majority of UK Consumers will Exercise Data Subject Access Rights in Next Year