News & Events
Washington, D.C., May 19, 2020 — FTI Consulting, Inc. (NYSE: FCN) today announced the second set of findings from its Technology segment’s study of data privacy trends. Based on responses from more than 500 leaders of large, U.S.-based companies, Future-Proofing Corporate Data Privacy: Budgeting and Solutions to Address Tomorrow’s Compliance Challenges, provides an outlook for the solutions, strategies and budgets companies have planned to address emerging data privacy challenges in the coming year.
The survey reported significant increases in spend and data privacy-related programs. Though respondents are increasing their emphasis on privacy compliance, the results showed that many are also willing to take risks in the interest of tapping into the value of their data. Still others believe that “good faith” efforts will improve their position with regulators. Key findings include:
In terms of solutions, respondents indicated a diverse array of techniques for the coming year, and only 6 percent said they had no plans for change. The top-rated solutions set for implementation over the next 12 months included establishing a clear, consistent set of data privacy standards, updating agreements and contracts with external parties, reviewing standard data privacy practices of supply chains and building privacy-by-design programs.
“The survey demonstrated a general awareness and understanding of the many risks and challenges at play in the data privacy arena,” said Jake Frazier, a Senior Managing Director at FTI Technology. “That’s encouraging because as illustrated by the changed landscape effected by the COVID-19 pandemic,a proactive, engaged approach to compliance is invaluableAs our clients look to maintain compliance with current regulations and anticipate emerging data privacy issues under the ‘new normal’, we’re committed to helping them manage the complexity of implementing effective policies, procedures and technologies, while supporting over-arching training and awareness efforts that will help ensure resiliency and long-term success.”
To read the full results, download Future-Proofing Corporate Data Privacy: Budgeting and Solutions to Address Tomorrow’s Compliance Challenges here. Part one of the report, Corporate Data Privacy Today: A Look at the Current State of Readiness, Perception and Compliance, can be found here.
This survey was conducted by FTI Consulting during November 2019. More than 500 leaders of large-sized, U.S.-based private-sector companies were polled. The respondents all had knowledge of their organizations’ data privacy policies and activities. Sixty percent held titles in senior management or the C-suite, and 28 percent held middle-management roles, across a range of industries, including ICT services, financial services and manufacturing.