Free Site Registration

PwC Releases Report on Increasing Need for Data Privacy


Data privacy has become an urgent issue for consumers and businesses, according to the latest in PwC’s 10Minutes thought leadership series, which outlines its increased prominence in company growth and brand health.

The need for data privacy goes beyond just risk management, according to the report, but is essential because of customer and investor demand, the impact to the top and bottom lines, and the emergence of the personal data ecosystem.

In urging companies to rethink privacy, the report states: “By considering only what privacy safeguards can prevent—customer loss, brand damage, fines, litigation—they miss out on what the right strategy can enable. Customer data is one of your most valuable assets.”

According to the TRUSTe 2014 U.S. Consumer Confidence Index cited in the PwC report, 89 percent of consumers said they avoid doing business with companies that they think do not protect their online privacy.

PwC’s 2013 Annual Corporate Directors’ Survey found that 85 percent of investors said boards should be involved in overseeing the risk of compromising customer data, while, according to the firm’s 2013 Investor Survey, 61 percent of directors are engaged in overseeing or understanding data privacy issues.

PwC also cited Ponemon Institute’s 2013 Cost of Data Breach Study, which found that a single data breach can cost U.S. companies, on average, more than $500,000.

The concern of CEOs—globally, in almost every industry—regarding their ability to protect customer and other sensitive data grew 15 percent this year, according to PwC’s 17th Annual Global CEO Survey.

The 10Minutes piece offers further expertise to companies on improving their privacy program, and is available for download at


Be the first to comment on this post using the section below.

Add Your Comments...

Already Registered?

If you have already registered to Accounting Today, please use the form below to login. When completed you will immeditely be directed to post a comment.



Accounting Technology


The Virtual Firm

November 7, 2013

Jennifer Katrulya, CEO of the Business Management Resource Group, discusses how to run an accounting practice from an iPad or other mobile device in a virtual environment, in an interview with managing editor Tamika Cody at Accounting Today's Growth & Profitability Summit in Orlando.

Social Media Tips for Professional Services Firms

October 9, 2013

Social media strategist Adrian Dayton and BeachFleischman PC chief marketing officer Eric Majchrzak discuss how accounting firms and other professional services firms can use LinkedIn, Google+ and other social networks to market their offerings to potential clients, and use search engine optimization to showcase their content, in an interview with Accounting Today senior editor Danielle Lee.

Top 10 Tech Trends for 2014

March 3, 2014

As companies gain more affordable access to new technology and platforms, they also seek to make smarter investments. As we begin 2014, James Cashin, partner at McGladrey, has identified ten common strategies in how companies are capitalizing on their IT investments to best implement process improvements and increase performance.