The aim of the research project - The Business Case for Investing in Proactive Privacy Protection' - is to explore methods involved in implementing business processes, sourcing information systems and detail the role and value of personal information for organisations that handle it.
According to the ICO's office, organisations in both the public and private sector will be included.
Announcing the research project - preliminary details of which will be published on Watson Hall's website this coming Friday - Jonathan Bamford, the assistant commissioner at the ICO said the the consultants will bring together a wide range of views by conducting interviews and inviting comments on a discussion document.
Data and privacy protection, he explained, needs to be taken as seriously as health and safety at all levels in an organisation.
"Putting a value on privacy protection and investing resources in it is crucial to help ensure that effective safeguards are in place", he said.
"The consultants want input from a range of organisations that collect and process personal information to help ensure that the end product is as relevant and useful in practice as possible", he added.