Much like in the Billy Joel song, “A Matter of Trust,” consumers “just recover when another belief is betrayed.” In a study done by PwC professional services network, they found that only 17% of people surveyed trust companies more today than a decade ago. After countless data breaches and other data mishandlings, consumers continue to give their personal information away to unsecured sites and networks.
Statistics on Feelings of Trust
Though it’s difficult for people not to be aware of the breaches of privacy happening all around them, they feel helpless to change the situation. Many have decided that losing personal data is inevitable in the digital age. The Millennial generation tends to be more willing to share information than the older Generations of X, Y, and Baby Boomer because they do not know a world without the internet.
A study done by two colleagues at Columbia Business School asked over 8,000 people across the age spectrum about their data sharing habits. They found that people were more likely to share their information if they would receive a product or service in return. If they were given special offers or rewards for the amount of data they shared, they were willing to share personal information.
The lack of trust is a large blow to businesses who rely on consumer data to better tailor their products to an audience. PwC found that 88% of consumers agree that their willingness to share personal information depends on how much they trust a given company. If a company can break down how and where the personal data is being used, a customer is more likely to give it away. The idea of being aware of where your data is going is an important factor in the recent GDPR lawsby the European Union.
Who Should Be in Charge?
With the United States having individual data protection lawsfor every state, it is difficult to ensure the same level of protection for everyone involved. While consumers believe that businesses should carry the lion’s share of the responsibility for protection, 80% agree there needs to be government regulation of a company’s data use.
The most sensitive data for consumers includes Social Security Numbers, health information, email content, phone calls, and their location. Though overall skeptical, PwC showed that consumers trust their data the most with hospitals and banks, with healthcare providers a close second.
These industries deal with this data on a daily basis, and people assume they know the risks associated with keeping such valuable information. Social media was ranked lowest for trust, but also contains more photos and lighter posts than personally identifiable information.
Types of Sharers
The Columbia Business School researchers broke down the types of sharers into four groups:
Feeling Helpless Without Control
According to the PwC study, only 10% of consumers feel they have complete control over their personal information. Yet Norton LifeLock’s latest Cyber Safety Insights Report states that 72% of consumers would not pay social networks to ensure personal information and 58% would not pay retailers to do the same.
If users were to pay for networks to secure their data, questions arise of how much and at what cost to users? To put people in control of their information, our SecureDrives offer military-grade hardware encryption and brute force anti-hacking capabilities. They are GDPR compliant and FIPS Validated to ensure complete security.
The KP model only unlocks after entering a unique PIN and the BT model is unlocked using the DataLock app on a mobile device. With only one person in charge of access, consumers can be the ultimate authority of their own information. To learn more call 1-800-875-3230.