iprospect shares key findings and highlights into research on data privacy
Depending on age, geographic location and experience, consumers have various levels of understanding about how their personal data is used and protected, and different tolerance levels about sharing it.
As a result, new laws and regulations for data privacy are emerging to govern how organisations collect and use consumer data, which will have a significant impact on marketing organisations in every industry. Today’s marketers are questioning what data they can legally collect, store and use – and how will they provide value and establish trust among a consumer audience that is bombarded with stories about data breaches and identity theft?
One thing that remains clear is that it is critical brands focus their privacy initiatives well beyond meeting the minimum legal requirements, educate and empower their consumers by being transparent and proactive, and deliver tangible value in exchange for personal data.
iProspect has released key findings from its latest global survey on data privacy. The survey was conducted online with 23,867 responses from 16 countries across APAC, Africa, North America, South America and the European Union.
Ten key findings to come out of the research are:
- 87% of respondents say they believe data privacy is a right, not a privilege.
- Nearly half (49%) think data privacy is a shared responsibility among businesses, individuals, governmental bodies and technology innovators.
- Consumers in EMEA are more concerned about data privacy than consumers in other regions.
- The vast majority (91%) are concerned about the amount of data companies can collect about them.
- 64% are concerned about the amount of data being collected, and of those with concerns, 72% have stopped using a product or service because of those concerns.
- 88% have either refused to give or provided false information when asked to provide personal information. Data security being the main reason.
- Only 24% see the value of personalisation as the result of sharing data, and just 15% feel they’re getting good value from granting access to their data.
- Millennials see more value in personalisation and expect to get more from agreeing to share their personal data than consumers in other groups.
- 85% say their relationship with a company changed following a data breach, and 65% said they stopped doing business with that company altogether.
- 91% who experienced a data breach reported decreased levels of trust with the companies involved.