$3.1 MM expended on privacy last year in India

According to a report by networking giant Cisco, about 85 percent of respondents in India recognize significant business benefits of private investment, and 41 percent of respondents identify privacy as a core skill in the country.

Moreover, estimated privacy benefits in India have been $2.8 million in 2021 and $3.5 million in 2022.

"As the study shows that, despite a challenging economic environment, organizations continue to invest in privacy, with spending in India significantly up almost 30 percent in the last year," said Samir Kumar Mishra, Director of Security Sales, Cisco India & SAARC.

"By embedding data protection and privacy into their culture and ongoing operations, organizations can ensure that they are well-positioned to meet the challenges of an increasingly data-driven digital world," he added.

Reacting to privacy laws globally, 92 percent of all corporate respondents in India state privacy laws have had a positive impact, and only 1 percent indicated that the laws had a negative impact.

The report further mentioned that, when it comes to the application and use of AI in their solutions, about 98 percent of respondents said that the organization needs to be doing more to reassure customers that their data is only being used for intended and legitimate purposes and only 2 percent disagree.

When it comes to data localization, about 95 percent of respondents in India believe that their data would be inherently safer if it could be stored within their country or region, and 93 percent believe that global providers can better protect their data compared to local providers.

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