According to TrustArc’s latest research, companies are investing millions in privacy. As the number of data breaches in the U.S. reached new heights in 2014, companies are prioritizing privacy to build trust with their consumers and alleviate compliance and brand risks.

An independent survey commissioned by TRUSTe of 200 privacy professionals at companies with more than 1,000 employees provided the following highlights:

    • 30% of organizations claimed that their company budgeted more than $1 million in privacy in 2014
    • Nearly 4 out of 10 (39%) cited that 21 or more individuals in their organization are currently involved in privacy initiatives as their primary responsibility
    • 7 out of 10 (71%) noted that data privacy management was “very important” or “important” to their company
    • The budget for privacy management initiatives spanned six different departments, including Marketing, Compliance, Legal, & Security/IT

“As the budgets to fund privacy initiatives continue to rise and now span across multiple business units, privacy investment is clearly becoming an important company-wide focus for organizations in 2015, said Chris Babel,” CEO, TRUSTe.