New research (executive summary) from the IAPP highlights the critical relationship between an organisation’s investment in privacy governance and its effectiveness and reliability. The IAPP Privacy Governance Report 2024 report focuses on the development of the three core elements that support privacy as a professional discipline: people, techniques, and tools.
The maturity of privacy governance is further evidenced by its expanding remit. The report identifies that 80% of teams have additional responsibilities beyond privacy, with 55% taking on AI Governance responsibilities, 58% data governance and data ethics, 32% addressing cybersecurity regulatory compliance, and 19% platform liability responsibilities (content moderation).
In addition to their expanding remit, privacy teams also face challenges dealing with:
- The Increasing complexity of laws, policies, and regulations;
- More significant enforcement actions;
- The adoption of advanced technologies;
- Increased workloads related to responding to data subject rights;
- The need to tackle ongoing and emerging challenges;
- The management and response to personal data breaches;
- An increasing expectation from boards to support broader organisational compliance efforts.
Organisations are responding to the increasing complexity of privacy issues by allocating larger budgets and appointing more senior privacy leaders to oversee growing privacy teams. However, the report notes that while the budgets have grown, only 26% are confident current funding is sufficient, with 43& and 31% stating that the current budgetary allocation is somewhat less than or much less than sufficient, respectively.
As a result, privacy teams are focusing limited resources on key strategic compliance priorities, such as privacy training, developing robust privacy risk management strategies, and employing technology to support and facilitate compliance initiatives.
IAPP membership is required to access the full report.
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