As they become more aware of the potential pitfalls of handing over personal data, Irish consumers are demanding higher standards from those businesses that hold it, a new survey reveals.
The Deloitte Consumer Review found that more than 75 per cent of consumers want companies held responsible for the security of their data, and that they are not keen on the data being shared with third parties.
Sixty per cent said they would make an online purchase only if they felt their data was secure. If a breach did occur and bank details were compromised, half would no longer shop online or in-store with the breached business.
“We live in a digital economy,” said Deloitte partner David Hearn. “Businesses are amassing more personal information about their customers than ever before. This data is valuable to cyber criminals, with the result that businesses are exposed to greater cyber risks than ever before.
“While consumers are alert to these dangers,” he said, “they are distrustful of how organisations protect and use their personal information. Consumers want more control over their data privacy and would like businesses to provide them with better tools to protect themselves online.”
Untrustworthy wifi
The survey also revealed a lack of trust in public wifi, with fewer than 10 per cent of respondents comfortable making payments or browsing on public networks. Most had more confidence in their own home networks, with about half placing more trust in their mobile network.
However, the survey also found that only 29 per cent considered their mobile device was as secure as their laptop, and 38 per cent overall believe mobile devices are less secure.
Despite this, about half of Irish consumers would check their bank balance on their mobile phone, the survey found.
Although consumers place a high expectation on the actions of businesses, a large number admit they don’t control their privacy settings or understand how to keep control on the amount of data available on them: only 42 per cent say they know how to do so.
Enterprise-wide
Jacky Fox, cyber and IT forensic lead with Deloitte, said the results present both an opportunity and a challenge for businesses, and they should take an enterprise-wide view of cyber security if they want to prevent attacks.
“Consumers attitude to public and in-store wifi shows that they are alert to the risks of cyber crime and concerned about the privacy of their personal information,” she said.
“On the one hand,” Ms Fox said, “businesses can gain a competitive advantage by reassuring consumers about how their personal data is collected, stored and used. On the other hand, the more information that businesses collect, the more attractive that data becomes to cyber criminals.”
She also warned about the upcoming European Commission changes to data protection regulations. Businesses should act early to ensure they can meet the new requirements.
