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Study Finds Privacy Worries Executives

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NU Online News Service, June 28, 1:05 p.m. – The New York office of KPMG L.L.P. has released a new study suggesting that top executives at Fortune 1000 companies are taking privacy concerns seriously.

Of the 101 corporate executives interviewed, 19% rated privacy as the number one issue and another 40% viewed it as extremely important.

When executives were asked to compare privacy with other important issues, they said privacy ranked third, at 78%, behind customer satisfaction (91%) and compliance with rules and regulations (83%).

Privacy outranked technological advances (57%) and investment in new products (29%).

The KPMG survey also found that 55% of the participating executives expect some high-profile lawsuits against financial services providers, while 9% expect a lot of lawsuits. Only 3% believed that there would be no suits.

Sixty-four percent of the polled executives said damage to reputation was the biggest risk associated with privacy, while 44% cited loss of customers and 34% cited litigation.