The Economist Intelligence Unit (EIU) has released a study of over 750 consumers internationally that explores the link between trends in privacy and data security.
The EIU study suggests that consumers’ perceptions of data and security vary widely depending on the organisation.
By a wide margin, the most secure institutions were banks and other financial institutions with more than 41% of respondents perceiving them as ‘very secure.’
In contrast, only 10.6% of respondents would describe their data as ‘very secure’ with online retailers and 17.2% with healthcare products.
The study also concluded that:
– More than 32% of consumers ‘strongly agreed’ that in the event of a data breach they would cease business transactions with the organisation concerned;
– 23% of participants said they had personally suffered a data breach in the past two years;
– 38% of these participants said they no longer did business with the organisation concerned;
– 46% of respondents that had suffered a data breach had advised friends and family to be careful of sharing their data with the company;
– More than 70% of respondents in Europe and the US said that regulation was not strong enough, as did 69% in Asia;
Paul Bantick, underwriter, Beazley, said: "We keep on hearing how banks in the US and Europe have lost consumers’ trust, In some respects that may be the case, but when it comes to stewardship of private customer data the research suggests they still enjoy a far higher level of trust than other organisations."
The study was sponsored by Beazley plc, insurance company of network security and privacy risks.