We are living in a world where breaches of consumer privacy are a regular phenomenon. Breaches such as the Cambridge Analytica-Facebook snafu and the Google+ leak have dominated headlines in 2018, exposing the personal information of millions of people and shaking our trust in big brands. Many consumers are making drastic changes to the way they interact with brands online, and they believe businesses need to take ultimate responsibility for protecting their data.
Ping Identity surveyed more than 3,000 consumers across the U.S., UK, France and Germany to examine consumer attitudes in a post-breach era to help businesses maintain trust and stay ahead of their customers’ expectations. The report examines the strategies enterprises deploy to protect themselves and their customers from breaches of sensitive information—and the price they pay when they find themselves victimized.
2018 Consumer Survey: Key Findings
One in five people (21%) have been victims of a breach. Of that segment, 34% experienced financial loss.
Following a data breach, 78% of people would stop engaging with a brand online. Furthermore, nearly half (49%) would not sign up and use an online service or application that recently experienced a data breach.
More than one half of consumers (56%) are not willing to pay anything to application or online service providers for added security to protect their personal information.
59% prioritize the protection of their personal information when interacting with an online application or service, compared to only 12% who prioritize a convenient, straightforward user experience and 7% who prioritize a personalized user interface.
Furthermore, significant differences in security sentiment and practices can be seen among age groups, especially those younger than 35 years of age and those older than 55, as well as differences rooted in geography. Responses also suggest that consumers think security is a corporate responsibility rather than a personal one, and show that a majority of consumers don’t want to pay anything to online service/application providers for added security. In addition, the survey revealed that while emerging technologies like thumbprint and facial recognition as a means of logging in are steadily increasing in popularity, we are still a long way from a passwordless reality.
Protecting Consumer Data
Data breaches and privacy issues are more pervasive than ever, and brands are at risk of losing consumers’ trust—and ultimately their business—if security isn’t at the core of their operations. With the majority of people unwilling to pay for added security to protect their online identity, companies must protect them by default. In the same way that brands are expected to provide personalized, user-friendly experiences, they must understand the value and importance of strong identity management strategies and show consumers what they are doing to keep their online identities safe.