Businesses must prioritize privacy to reduce risks

Many businesses are not investing enough in privacy protections, putting them at risk for security breaches. Privacy teams across industries feel underfunded and overwhelmed. A new report shows that only 38% of European professionals are confident in their organization's ability to protect sensitive data. This worry leads to increased vulnerabilities, including ransomware threats. The report from ISACA highlights key trends. A growing number of professionals, 45%, believe their privacy budgets are insufficient. Over half expect further cuts in funding. As a result, many teams are understaffed and struggling to keep qualified employees. This lack of investment can have serious long-term consequences for organizations. Regulatory changes, such as the EU AI Act and updates to the General Data Protection Regulation, are meant to improve data protection. However, the research reveals that only 24% of European organizations always implement "Privacy by Design," a method that ensures data is protected from the start. Companies that apply these principles have better staffing and higher confidence in their teams. Artificial intelligence (AI) presents both opportunities and challenges in privacy. While AI can help professionals work more efficiently, it also allows cybercriminals to launch more sophisticated attacks. Businesses must be careful to use AI responsibly and ensure that their workers receive proper training. To improve their privacy operations, companies should take three steps. First, they need to close the skills gap in their privacy teams by training current employees and finding new talent. Second, organizations must invest in AI technologies that can streamline privacy processes. Lastly, they should prioritize privacy as a core part of their business strategy to avoid regulatory penalties, reputational damage, and loss of customer trust. Building a strong privacy framework is crucial for businesses today. Failure to invest in this area risks significant consequences, but proactive steps can lead to a more resilient and trusted organization.