SAN ANTONIO—Today's consumers have higher standards for where they store their data – and their trust in businesses is falling, according to a new report.
Nearly 80% of consumers report it's "very important" or "crucial" their personally identifiable information (PII) is protected online, and 86% say a high level of data protection is a priority in choosing online services, a new study by CA Technologies and Frost & Sullivan reveals.
About half (48%) of organizations report involvement in a publicly disclosed data breach. Of those, nearly all say they have experienced a long-term negative impact related to client trust and/or revenue. Half of the respondents whose businesses had been breached report strong long-term negative effects on both consumer trust (50%) and business results (47%), explained Dark Reading in its analysis.
“Consumer trust in businesses is in a precarious state following breaches at major organizations, including Equifax, Deloitte, Uber, CEX, and Ticketmaster,” Dark Reading said.
Most business leaders (84%) think trust is growing, but consumer responses indicate the opposite. Only 38% of users say their trust has increased – a sign that organizations aren't in touch with client needs and perceptions. Only half of consumers polled say they are willing to exchange personal data for online services, Dark Reading noted.