New research shows
New findings from a global research study by Veritas Technologies, reveal that UK consumers have little trust in organisations to safeguard their personal data. With more and more companies suffering data breaches and hackers seemingly one step ahead, nearly two in five (39 per cent) of UK consumers believe most businesses don’t know how to protect their personal data.
At the same time, the 2018 Veritas Global Data Privacy Consumer Study also shows that UK consumers intend to take bold steps in penalising companies that don’t safeguard their data, while rewarding those that do.
Many businesses around the world rely on data to effectively target consumers with goods and services that provide better experiences. But with the introduction of stringent compliance regulations that give people more power over their data, like the European Union’s General Data Protection Regulation (GDPR), many consumers are closely scrutinising businesses and holding them accountable for the protection of their personal data.
The ‘New Norm’
The study, commissioned by Veritas and conducted by 3GEM, surveyed 12,500 people across 14 countries, including 1,000 in the UK. It indicates that consumers intend to reward organisations that properly protect their personal data, and punish those that don’t by shopping elsewhere or attacking brand reputations.
Over half (56 per cent) say they would stop buying from a business that fails to protect their data, while almost half (47 per cent) say they would abandon their loyalty to a particular brand and consider turning to a competitor.
Nearly eight in ten (79 per cent) say they would tell their friends and family to boycott the organisation, while nearly three-quarters (74 per cent) claim they would even go so far as to report the business to regulators. Three in five (60 per cent) UK consumers say they would post negative comments about the business online.