Why Are You Still Delaying Your Privacy Compliance Project?

Because waiting for a data breach is not a strategy.

data breach

Sure, preventing data breaches isn’t just about privacy. Cybersecurity plays a huge role too. But let’s be honest: if your company isn’t even taking care of the basics—like having a proper firewall, managing third-party risks, or mapping its assets—how can it seriously work toward a Privacy compliance?

Here are 5 key takeaways from IBM's 2024 Data Breach Report to help you rethink your priorities:

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• Data breaches are getting more expensive.
  The average cost of a data breach has risen to $4.88 million USD—a 10% increase from last year and the highest jump since the pandemic. The biggest contributors? Business disruptions and post-incident expenses, like customer support and regulatory fines.

• AI and automation are game-changers.
  Companies leveraging AI and automation extensively saved up to $2.2 million USD in breach costs. These technologies also cut the time to detect and contain incidents by up to 100 days.

• Shadow IT and shadow data are a growing nightmare.
  Unmanaged data caused 35% of breaches, increasing average costs by 16%. This highlights the need for stronger data discovery and management practices to keep those “invisible” risks in check.

• Personal data (PII) is still the prime target.
  Almost half of breaches—46%—involved personal identifiable information (PII), making it the most compromised data type. Intellectual property wasn’t far behind at 43%.

• The talent shortage is costing companies millions.
  A 53% deficit in cybersecurity staff added $1.76 million USD to breach costs. The demand for skilled professionals remains a critical issue for organizations worldwide.

The Bottom Line: Privacy compliance isn’t just a checkbox—it’s a foundation for building trust and minimizing risks. The longer you delay, the more you expose your business to unnecessary costs, reputational damage, and regulatory penalties.

So, what’s your excuse now?