Consumers Forgive Post-Breach, Want Privacy Rules
In a recent survey of more than 1,000 consumers, nearly half of the respondents said that when a company immediately discloses a data breach, they are open to forgiving the brand.
The Consumer Attitudes Toward Data Privacy and Security Survey, published by Janrain, showed that of the 1,079 participants, 42% are at least open to forgiving the brand, while only 7% of respondents said a breach is unforgivable. Many consumers might not shop elsewhere in the aftermath of a breach, but they do want to see GDPR-like rules implemented in the US.
The greatest concern for 44% of respondents is protecting their financial data more than any other form of personal data. For 25% of consumers protecting passwords is the top concern.
“When asked whether they'd walk away from a business that requires personal information up front (like a phone number or email address) in order to conduct business, 15% of those surveyed said "yes" while 24% said "probably." Fifty-four said it depends on whether the business is trusted or the only option,” Janrain wrote in a press release.
More than half of consumers (59%) feel that consumers, businesses and governments need to work together and offer shared support in order to achieve data security. To that end, 66% of respondents said they would like to see GDPR-like rules implemented in the US. While the majority of respondents feel such rules would be effective, 9% said regulations would be ineffective, with only 6% saying they are concerned that more regulation would present challenges to both businesses and the economy.
Despite the fact that the majority of security incidents are the result of human error, 61% of consumers report being very careful about their computer/mobile security. The survey found that only 12% of respondents report putting forth little-to-no effort to protect their computers because they believe hackers can break into company networks anyway.
"Our survey is incredibly good news for brands that take the personal data privacy and security of their customers seriously," said Janrain CEO Jim Kaskade. "Despite high-profile missteps and outright failures in the way brands have approached data privacy and security, consumers are very open to a consent-driven relationship with brands, which will go a long way toward solidifying trust for stronger, longer-term relationships."
Source: Information Security Magazine