The results of the latest EY Future Consumer Index survey indicate that consumers’ concerns about the safety of their data are growing. As many as 61% of people using digital services such as online store apps worry that the information they provide there will contribute to identity theft. This percentage has increased by 6 percentage points in one year. In the case of cookies, as many as 65% of the respondents are concerned about their storage, and 62% fear they will be used as an authentication element in a cyber attack. As a result, 65% of consumers plan to pay more attention to data storage policies of specific companies and brands. At the same time, however, 28% of respondents are ready to provide sensitive data in exchange for receiving more personalized offers.
“Knowledge about cybersecurity threats is increasing not only among companies, but also consumers. As a result of attacks on well-known individuals or mass data leaks from companies, awareness of phenomena such as identity theft is growing. This increases concerns about whether the information we share will eventually be used against us. You can protect yourself by, for example, setting up additional email addresses exclusively for online shopping and using prepaid cards,” says Patryk Gęborys, EY Partner, Information Security and Technology Team.
The – EY Future Consumer Index – results confirm the growing concerns of consumers about the security of their transferred data. As many as 61% of the respondents express concern that the collected information may be used for identity theft. This percentage has grown by 6 percentage points in one year. Equally high results were recorded in other categories – data leakage from a company (59% – increase of 6 percentage points), sale of data to a “third party” (58% – increase of 5 percentage points) or downloading a virus (58% – increase of 6 percentage points). The biggest increase in uncertainty (by 9 percentage points – from 43% to 52%) is associated with an application tracking all activities, clearly showing that consumers are becoming more aware that information transfer transaction is linked to it. Moreover, as many as 50% of the respondents suspect companies of snooping through voice-activated devices, and 54% suspect unauthorized monitoring of information. Despite this, as many as 33% of younger consumers and 30% of older ones download apps, as keeping their payment data and delivery address makes shopping easier.
Similar concerns also apply to cookie collection. A total of 65% of consumers are highly concerned that information about them may be improperly stored, and consequently stolen. A slightly smaller group – 62% of respondents – fear that the collected data about them may be used as an authentication role during a cyber attack. This is much higher than concerns related to disclosing browsing history by displaying personalized ads (49%) or being persuaded to make a purchase that was not planned (36%) through better targeting.
The better the offer, the less concern
Although as many as 65% of consumers plan to pay more attention to how specific companies store their data, at the same time as many as 28% of respondents are ready to provide data enabling their identification in exchange for personalized offers. Over the course of 3 years, this percentage has increased by 4 percentage points. A similar percentage – 24% – is ready to make such an exchange in return for receiving dedicated recommendations for products that are cheaper or healthier alternatives. Interestingly, as many as 20% of the respondents (increase of 3 percentage points between 2021 and 2024) declare being more open to providing data in return for receiving personalized ads.
“Competing on price and quality of services is the basis for the functioning of every industry. With the development of digital tools, advantage can increasingly be built through yet another aspect – digital data protection that is a natural complement to innovation. Consumers – both individual and corporate – are becoming more and more aware of the risks associated with data leakage. From this, companies that combine transparency and a high level of protection of stored data will gain in importance,” concludes Mateusz Mazur, EY Partner, Leader of the Digital Engineering area.
About the study
The EY Future Consumer Index tracks changing moods and consumer behaviors over different time horizons and on different global markets, identifying emerging consumer segments. The 14th edition of the survey, which was conducted from March 29 to April 10, 2024, involved 23,016 consumers from both Americas, Europe, Asia, Africa, Australia and Oceania.
Source: https://ceo.com.pl/ey-61-konsumentow-obawia-sie-kradziezy-tozsamosci-podczas-korzystania-z-aplikacji-82802
