A recent EY Global Consumer Privacy Survey found that the data privacy expectations of consumers are shifting due to the pandemic and the correlating increased reliance on technology in the last year.
The survey was created to help organizations better understand how consumers’ data privacy needs are evolving by examining their attitudes towards sharing personal data and by analyzing the way their behavior is changing.
The survey and the results report addressed three critical questions and guidance for how businesses can navigate these changes:
Question 1: How do consumers expect organizations to handle their data?
The findings – deliver certainty the consumers crave. The survey found that more consumers are concerned about the security of the data they share with a company more than the actual data that is shared.
Yogen Appalraju, EY Canada Cybersecurity Leader summed the finding up saying, “Organizations that want to maximize the collection of personal data need to focus on establishing their data protection and privacy capabilities. Those that cannot provide assurance that data is collected and stored safely may start to see customers go elsewhere.”
Question 2: What do consumers want in exchange for their data?
The findings – tailor offerings to build trust. Consumers want to see a fair exchange of the value your product provides with the data they’ve shared. For example, the survey found that half of millennial consumers say they’re willing to share their browser search history with a large tech company in exchange for a more tailored and personalized online experience. However, older generations like baby boomers believe the lack of control over third-party access to data decreases the amount of trust they place in an organization.
Question 3: How is data privacy shifting for a post-pandemic world?
A unique shift in attitude towards data sharing comes as a direct result of the COVID-19 pandemic. As economies start to reopen, many businesses, schools, and organizations may require the collection of personal information to ensure health and safety. Half of the consumers polled in the survey believe the pandemic has made them more willing to give up personal data if they know it is contributing to research and/or overall community wellness.