2022 Global Privacy Benchmarks Report2Table of Contents Introduction Executive Overview Privacy Trends Worth Noting 360° View from Around the Globe Analysis and Insights Privacy Challenges and Vulnerabilities The 7 Keys: Privacy Competencies The 5 Privacy Outcomes that Matter The TrustArc Global Privacy Index Doing More to Promote Privacy Privacy Solutions Implementation and Knowledge of Privacy Regulations Budgeting for Privacy Conclusion3 3 4 5 6 8 10 13 15 16 17 19 20 203 Introduction Executive OverviewFor the third year running, TrustArc has captured worldwide views on privacy trends, the current and anticipated approaches and challenges in data protection and privacy. In 2020, TrustArc inaugurated an annual Global Privacy Benchmarks Survey. Each year the report covers our Global Privacy Index, challenges and threats to privacy past and future, relevant strategies and priorities, and current knowledge and practices. Each year our analysis also analyzes timely issues. Additional deep dives in 2022 include privacy measurement and key performance indicators (KPIs), the resourcing of privacy teams, data discovery & scanning solutions, and knowledge of emerging privacy regulations worldwide. This year as with previous years, we take a 360-degree view, including both outside the privacy function (senior executives, middle management, and full-time employees) and inside the privacy function (privacy office leaders and privacy team members). In total, we obtained 1416 responses in 2022. Based on our objective to obtain a balanced 360-degree view, this year as with prior years, we weighted respondent level results across the primary roles—executives, managers, full time employees, and privacy executives, privacy team members—to ensure representative equivalencies in comparing results year over year. Additionally, this year we weighted the results by revenue to align with prior years. The findings were clear. The list of privacy regulations around the globe continues to grow, putting more demands on enterprises to stay current and comply. Dedicated privacy teams are now the norm among medium and large-sized enterprises, with privacy purpose-built software products needed to support these teams’ efforts. Privacy risks remain high and are being addressed by these teams, but the responsibility must be shared by all employees such that it permeates all decisions made throughout enterprises. Privacy remains a key part of safeguarding and building public reputation and it is a cornerstone of corporate responsibility. Emerging from the worst of the pandemic, but with undiminished threats including supply chains and cybersecurity attacks, medium and large enterprises need to reinforce their privacy approaches. Our global findings witnessed a dip in privacy competence and confidence, as evidenced by our TrustArc Global Privacy Index. Perhaps exhausted by efforts not only in dealing with the pandemic but also now adjusting to other harsh market realities, confidence in privacy has been shaken in 2022.Overall, the majority of enterprises agree on privacy as a priority. For companies that do so, this year as with prior years the benefits are clear: leaders in our Global Privacy Index offer dramatically higher confidence by all stakeholders in trust, at all levels of their organizations from frontline employees to senior executives.4 Privacy Trends Worth Noting With a growing number of regulations worldwide and unabated privacy threats, the need to get organized has never been clearer. While 90% of medium and large size enterprises have privacy offices, the privacy function varies widely in where it sits within organizations. These findings suggests that while privacy as a discipline has solidified, it has not fully matured.1 On the privacy front, the majority of companies measure what they are trying to manage but struggle to translate this into success.