How important is data privacy to you, particularly when you entrust it to a business? 87% of Americans consider their data privacy to be a human right. However, most don’t take proper security precautions. Let’s look at this.
How Consumers View Business Data Practices
The advisory firm KPMG recently released a report based on a survey of American consumer opinions about corporations and data privacy. This report outlined the primary privacy concerns of the everyday user and discusses the statistics around the issue.
Overall, the results showed that users have varying levels of understanding of data collection and are aware that their private data could be vulnerable to theft or unethical use. For example:
- • 86 % of respondents felt that their data privacy was a rising concern.
- • 70 % said they were “generally familiar” with how companies collect personal data, while 64 % were familiar with how it was used and stored, 63 % said they understood how it was protected, and 57% said they knew how it was sold.
- • Nonetheless, 68% thought these companies might sell their data unethically, 54% didn’t trust it would be used ethically, 53% didn’t believe it would be collected ethically, and 50% didn’t trust the data would be protected.
- • 83% of consumers were afraid that their social security number could be stolen. 69% worried about their credit card numbers.
- • Strangely, only 16% were concerned about someone stealing their medical records.
How Consumers Treat Their Data Practices
Despite seeming to understand data misuse, consumers don’t seem to be taking appropriate action. While most users said they thought certain online behaviors, like repeating passwords across accounts, using public Wi-Fi, and saving a credit card to a website, were risky, over 40% did it anyway.
This study also noted that 61% of users neglected their security options.
What This Should Tell Us, as People and Business Owners
With all data; your personal data, or data collected by businesses, security should be the highest priority. A study by Harvard Business Review Analytic Services showed these results:
46% of surveyed consumers had stopped doing business with a retailer due to discomfort with their privacy statement.
This shows the enormous power and responsibility that consumers have to force businesses to improve security. For business, it’s a powerful reminder of how important data security is. While data and information security is a complex process that takes time and money, if you neglect it, you could lose half your market.
We’re here to help improve your security solutions and procedures. Give us a call at (973) 882-4644 today. Quikteks makes it easy.