According to the 2018 Norton LifeLock Cyber Safety Insights Report, released today, nearly three out of four Brits have more online data privacy concerns than ever, but are willing to sacrifice privacy for the sake of convenience.

Over the last year, almost 17 million people, or a third of British consumers, experienced cyber crime, and 62% believe it’s likely they will experience cyber crime in the next year, according to an online survey conducted by The Harris Poll of over 1,000 adults.

Cyber crime in the past year cost businesses an estimated £1.7bn, and took 92.7 million hours to deal with, with two out of five spending a week or longer dealing with the problem.

As a result of the introduction of GDPR, as well as media coverage of social media company’s use of user data, consumers are increasingly aware of data privacy online, with 82%  of Brits saying they are concerned about their privacy.

Data privacy concerns give way to convenience

95% of consumers surveyed said that they had some level of distrust in social media companies, with 40% having little, and 55% having no trust when it comes to managing and protecting their personal information. In fact, over one in four Britons on social media have deleted an account in the past 12 months due to data privacy concerns.

However, despite a growing awareness of data privacy concerns, many are willing to take certain risks online in the name of convenience. 57% would give away their location, and 53% their internet search history to companies in exchange for a better service. Financial gain is also a factor, with 36% saying the would sell some of their data.

This is particularly prevalent among younger people, with younger generations more likely to embrace data sharing. 51% of 18-38 year olds said they would be willing to sell their internet search history and 41% willing to sell sensitive information such as driver’s license or passport information.

Samir Kapuria, executive vice president and general manager, Consumer Digital Safety, Symantec believes that there is still some way to go to improve consumer awareness:

“Most consumers are aware their data is being captured from the websites they visit, the social media they share and the apps they use, and trust their information is being properly secured. However, these same consumers are often unaware how and why data is captured and what companies do with it. The sheer amount of personal information being collected about us shows no signs of slowing and there is greater value placed on it than ever before.”