Survey: Data Privacy Top Concern for Potential Customers and Business Partners

Almost nine out of 10 people identify good data security and the protection of personal information as the key factor when making purchasing decisions, according to a survey by the United Kingdom business organization Confederation of British Industry (CBI) launched during its annual CBI Cyber Security conference. As a result, CBI contends that a commitment to data privacy is a fundamental part of business operations in the modern economy.

Clarip has been talking for some time now about how important transparency and giving consumers control over their data are at businesses in the new data economy. The recent survey results from CBI demonstrate the strong consumer demand for transparency and control over their data, as well as the need for businesses to engage in these measures in order to rebuild already lost consumer trust on privacy. Here is a quick overview of some of the key portions of the survey:

Transparency

Transparency on data privacy practices is a critical foundation for businesses that want to build trust with consumers. The CBI survey shows precisely how important that message is for businesses:

73% of consumers want to understand more about how their data is used and 50% want companies to be more transparent about how their data is used. Additionally, consumers want more information about their data rights. Over half of them (54%) believe they don’t know enough about their rights when sharing data.

It is no longer enough for companies to have privacy policies written for other lawyers. Businesses that do not adequately explain how the company is handling personal data are going to lose business to organizations that do.

Consumer Trust

If consumers do not trust a business, they are not going to buy from it. The survey demonstrates just how much consumers have lost faith in organizations on data privacy issues:

54% of consumers believe companies may have misused their personal data in the past and 49% said they did not believe businesses have their best interests in mind when using their data.

At the conference, the CBI UK Chief Policy Director said, “Responsible data use is the number one reason a customer will stay loyal to your business. And irresponsible data use is the main motive for looking elsewhere. It’s absolutely vital.”

Data Subject Access Rights

48% of respondents want companies to make it easier for them to delete their personal information, according to the results. This backs up the data that we have seen coming out of Europe that people are choosing to exercise their right to access and right to delete provided for under the General Data Protection Regulation (GDPR).

Organizations can no longer rely on consumers not caring about privacy to justify their insufficient data privacy practices. Consumers are demanding more from businesses and it is likely that their competitors are making changes to build a competitive advantage on privacy and respond to the building evidence of strong public opinion on the subject.

If your organization is looking to improve their data privacy practices, call Clarip at 1-888-252-5653 to schedule a demo of our enterprise privacy management platform.

More from Clarip

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Other Blog Posts with Survey Data:

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Survey: Majority of Fintech Users Want Control Over Third Party Access to Financial Data
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Survey: Majority of UK Consumers will Exercise Data Subject Access Rights in Next Year