On Data Privacy Day 2021, the Entrust State of Consumer Data Privacy Survey revealed nearly 80% of consumers are concerned about their data privacy, but few are willing to change habits
On International Data Privacy Day, a global effort to empower individuals and businesses to respect privacy, safeguard data and enable trust, Entrust, a global leader in trusted identity, payments and data protection, released the findings of its State of Consumer Data Privacy Survey. The results highlight consumer sentiment toward data privacy and security based on responses from 500 U.S.- and 500 U.K.-based adults who own a smartphone.
Read More: Intesa Sanapolo to Hire 3500 New Staff as 7200 Take Voluntary Exit Package
“As digital life accelerates, organizations and end-users alike demand seamless, secure experience—without putting their data, identities and privacy at risk”
According to the report’s findings, today’s consumers are willing to trade their personal data for personalization, but also have fast-growing concerns about data privacy. In fact, 64% of consumers are at least somewhat willing to share personal information with an app in exchange for more relevant, personalized and/or convenient services. And a large majority (83%) of consumers are at least somewhat comfortable with using or storing biometric data with apps and services. Further, the majority of consumers (61%) also indicated that they’re at least somewhat willing to share personal information with an app in exchange for more transparency and control over their data.
However, while many consumers are willing to exchange their personal information for some benefit, they’re still concerned about their data privacy—and those concerns are quickly increasing. According to the findings, the majority of consumers (79%) are at least somewhat concerned about their data privacy, and 64% said their concern or awareness about data privacy has increased over the past 12 months. The majority of consumers (60%) credit news stories about attacks and security breaches as their top reason for heightened concerns, followed by an increased number of targeted ads based on their online behavior (48%).
But growing concern around data privacy doesn’t mean consumers are taking the necessary steps to protect their personal information. In fact, while an overwhelming majority (82%) of consumers considered themselves at least somewhat proactive about maintaining their data privacy, 43% said they don’t carefully review the terms and conditions before downloading a new app. Of the consumers who do not read terms and conditions, the majority (69%) listed the amount of time it takes to read them as their reason for not doing so while 28% said they don’t read terms and conditions because they don’t understand what they explain.
“As digital life accelerates, organizations and end-users alike demand seamless, secure experience—without putting their data, identities and privacy at risk,” said Cindy Provin, senior vice president and general manager, Identity & Data Protection at Entrust. “It is imperative that business leaders ensure that they protect consumer data with strong encryption and high-assurance, cloud-based authentication while educating their customers on data protection best practices. Entrust offers a comprehensive portfolio of data protection solutions – and the deep crypto security expertise organizations need to minimize threats and enable a foundation of trust for digital life.”
Read More: Global Fintech Series Interview with Thomas (Tom) Aronica, Founder and CEO of Biller Genie
