The recently published 2018 Veritas Global Data Privacy Consumer Study shows that consumers ‘intend to take bold steps’ in penalizing companies that don’t safeguard their data, while rewarding those that do.
The study, conducted by 3GEM and based on a survey of 12,500 people across 14 countries, also reveals that consumers have little trust in organizations to safeguard their personal data. With more and more companies suffering data breaches and hackers seemingly one step ahead, almost two in five (38 percent) consumers believe that most businesses don’t know how to protect their personal data.
Many businesses around the world rely on data to effectively target consumers with goods and services that provide better experiences. But with the introduction of stringent compliance regulations that give people more power over their data—like the European Union’s General Data Protection Regulation (GDPR)—many consumers are closely scrutinizing businesses and holding them accountable for the protection of their personal data.
Data protection risks and rewards
Nearly two-thirds (62 percent) say they would stop buying from a business that fails to protect their data, while almost half (48 percent) say they would abandon their loyalty to a particular brand and consider turning to a competitor.
Eight in ten (81 percent) say they would tell their friends and family to boycott the organization, while nearly three-quarters (74 percent) claim they would even go so far as to report the business to regulators. Nearly two-thirds (65 percent) of consumers say they would post negative comments about the business online.
However, the research shows that consumers also intend to reward companies that are properly protecting their data. Three in five (59 percent) respondents say they would spend more money with organizations they trust to look after their data, with over a quarter (27 percent) willing to spend up to 25 percent more with businesses that take data protection seriously.
A total of 12,500 adults were interviewed in March and April across the US, the UK, France, Germany, Switzerland, the UAE, Canada, Mexico, Brazil, Australia, Singapore, China, Japan and the Republic of Korea.www.veritas.com