Study: Consumers Increasingly Concerned with Data Security, Privacy

As consumers become increasingly concerned about privacy and data security, building trust with customers is paramount for successful companies, according to a new global survey from Verizon and Longitude. Almost 7 in 10 consumers said honesty and transparency about how their personal data is used is something they look for in a company seeking to win their trust. Additionally, 42% emphasized that companies should clearly communicate their compliance with data regulations.

The survey also found that 62% of consumers globally reported rarely saving their banking details when dealing with a company online—another signal that they value security over convenience. Consumers in the Americas were the most unforgiving of data breaches among worldwide respondents. Twenty-nine percent of U.S. respondents said they would definitely avoid using a company that experienced a data breach, and an additional 63% said they would potentially avoid the company for some period of time.