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.