New findings from ISACA indicate that a significant portion of privacy professionals in Europe feel that their organizations are not allocating enough resources to privacy initiatives. With 45% of respondents stating that their privacy budget is insufficient, there is growing concern within the industry. This sentiment is further heightened by the fact that more than half (54%) of privacy professionals anticipate further reductions in budget allocation for the upcoming year.
Chris Dimitriadis, the Global Chief Strategy Officer at ISACA, expressed his apprehension regarding the current state of privacy affairs. He emphasized the evolving threat landscape and the increasing complexity of privacy operations. Dimitriadis highlighted the fact that a substantial majority (66%) of European professionals in privacy roles are experiencing heightened levels of stress compared to five years ago. This stress is exacerbated by the inadequate funding, which could leave organizations vulnerable to long-term risks despite short-term financial gains.
Despite the existence of the General Data Protection Regulation (GDPR) in Europe, only 38% of European professionals feel confident in their organization’s ability to safeguard sensitive data. Additionally, a mere 24% of European organizations consistently implement Privacy by Design practices, which could potentially lead to compliance issues with GDPR and other emerging frameworks.
The research conducted by ISACA revealed that organizations that consistently implement Privacy by Design demonstrate better outcomes in terms of staffing adequacy and skills development. A notable 43% of European organizations that prioritize Privacy by Design reported having appropriately staffed technical privacy teams, compared to 33% of organizations that do not prioritize this approach. Moreover, 58% of organizations following Privacy by Design practices expressed high levels of confidence in their technical privacy teams.
Furthermore, organizations that embrace Privacy by Design show a greater propensity to address privacy skills gaps by training non-privacy staff interested in transitioning into privacy roles. Fifty-six percent of organizations that prioritize Privacy by Design have successfully reduced privacy skills gaps through targeted training initiatives, as opposed to 44% of organizations without a similar commitment to this approach.
In light of the ongoing talent acquisition and retention challenges in the data privacy sector, organizations are exploring strategies to reskill existing staff and attract qualified professionals. A significant portion of European organizations are investing in training programs to facilitate the transition of non-privacy staff into privacy roles. However, the research underscores the importance of experience in filling the skills gap, with compliance and legal expertise being deemed critical factors by 95% of respondents.
Chris Dimitriadis stressed the need for continuous training and support for privacy professionals, emphasizing the importance of staying abreast of emerging technologies and legal compliance requirements. By equipping privacy teams with the necessary skills and knowledge, organizations can mitigate stress levels and enhance resilience in the face of evolving privacy challenges.
In conclusion, the findings from ISACA shed light on the prevailing challenges faced by privacy teams in Europe. With underfunded budgets, understaffed teams, and increasing stress levels, organizations must prioritize Privacy by Design and invest in the professional development of their privacy workforce to navigate the complex privacy landscape effectively.