Findings reveal consumers have less trust in businesses who use or protect their data compared to 5 years ago
Cloud Data Lifecycle Security startup Dasera announced today that it has released its research findings on how consumers feel about brands who use their personal data and how it is protected, providing fresh insight into helping businesses understand these concerns. The results of the survey reveal the majority of all respondents have less trust in how businesses use or protect their data compared to 5 years ago.
The Data Lifecycle Trust and Privacy Report Q1 2021 was developed by Dasera and based on the responses from 260 consumers about how data compliance requirements have affected the way businesses use data and whether or not consumers feel the effects of those requirements.
Among the key findings:
- Most people don’t know why companies collect so much information on them. For most of the consumers who took the survey, “Collecting too much information” ranked highest on the list of what makes them distrust businesses with their data. With 39% of respondents answering that this was the biggest thing that breeds distrust, consumers want to know why companies collect so much information and how they use the data that they collect.
- The survey found that 68% and 63% of respondents would trust a business with their data if businesses had “Security or regulatory data compliance certifications” and “Clearly described privacy policies,” respectively.
- 75% of consumers are in favor of more legislation to protect the privacy of their data. Apart from that, consumers also want more transparency from brands about the security policies they have in place, especially considering that data breaches happen to even the largest and most well-known brands consumers thought they could trust.
- When asked which companies they trusted most, respondents chose Apple, Microsoft and Amazon as the top three companies they trust the most. Similarly, they were asked which they trusted least and social media sites - Snapchat, Facebook, Instagram and Twitter – were the least trusted companies.
“We’re really excited to launch our first Data Lifecycle Trust and Privacy Report on Data Privacy Day. Our findings from this quarter’s report reveal consumers not only want more transparency when it comes to how businesses collect and use their data, but also clear legislative action from both state and federal government in an effort to control the breaches that have plagued us for years,” said Ani Chaudhuri, CEO & co-founder of Dasera.
“While most consumers don’t know very much about data privacy legislation or even understand what it means for a business to be GDPR, CCPA, or SOC2 compliant, they do know that data breaches happen frequently and that their personal information could be at risk if brands are not adhering to these regulations.”
In the next version of the Data Lifecycle Trust and Privacy Report, Dasera will analyze how these trends have changed in 2021 and include news on key breaches that affect consumer perceptions.
For a copy of the findings, please visit Dasera Data Lifecycle Trust and Privacy Report Q1 2021.