Companies lack resources to meet privacy requirements

Companies believe keeping their customers' data private is critical to their brand image but many do not have the resources to manage increased privacy rules, according to a recent survey.

The survey, conducted by research firm the Ponemon Institute and data security supplier Vontu, polled 68 large companies with more than 1,000 employees from various industries.

Fifty-six percent of the respondents believe that safeguarding privacy is important to brand image, up from only 36 percent in a similar survey conducted two years ago.

But while 100 percent have a privacy policy for customer data, only 38 percent believe their resources are enough to manage regulatory or corporate privacy requirements.

Only 31 percent have a formal notification process in the event of a privacy breach, despite breach notification laws such as California's, which has been in effect for more than a year.

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