Data privacy is a hot-button topic. Most people can agree that it’s important to keep personal data private, but are you really doing much to keep your data safe?
Consumers are fervent in their fight to protect their data, but they do little to keep it safe. It’s known as the privacy paradox, and it may be hurting consumer efforts to keep their data out of third-party hands.
Why are consumers so willing to give up their personal data?
Data in Exchange for Something Valuable
According to recent research, most (75%) of internet users don’t mind sharing personal data with companies as long as they get something valuable in return.
A recent Harris Poll also found that 71% of adults surveyed in the U.S. would be willing to share more personal data with lenders if it meant receiving a fairer loan decision. Lenders typically ask for information about the applicant’s personal financial history, but the poll suggests that borrowers may be willing to give up even more information.
Research suggests that consumers are well aware of and understand that data exchange is a sensitive matter, and they’re willing to be participants in the game. But they want the game to be fair. In other words, they want the other side to be transparent.
In fact, 88% of consumers say that transparency is the key to trust.
Data Isn’t Physical
Many consumers are willing to give up their personal information to companies, but why? The World Economic Forum suggests that it’s because people find it difficult to own. It’s not a physical object that can be tracked and watched over.
If someone gets a hold of your information and uses it without your permission, you probably won’t be aware of it and you may not even worry much about it.
Data is an invisible, intangible thing that we ultimately have little control over. It’s difficult to claim ownership over something you can’t hold in your hands.
Most consumers are also unaware of how valuable their personal data is, which makes it harder to be protective of it.
Some Consumers are Concerned About What Happens to Data After It’s Exchanged
Of course, there are still plenty of consumers who care very much about their information and what happens to it once they give it up.
A report from the TRUSTe/National Cyber Security Alliance shows that more Americans are now concerned about their data privacy than losing their main source of income. This may be because data privacy has been all over the news recently and laws are changing all over the world. On top of this, society encourages us to share our everyday lives online just to fit in with everyone else. More consumers are now concerned about what happens to their personal details.
Consumer concerns over data privacy will likely deepen in the future, but for now, younger generations are still happy to give up their information in exchange for personalized offers and information. Why? Because it saves them time an even more valuable commodity in today’s busy world.