Consumers data privacy is not just right: It is a human right
Consumer privacy, often known as customer privacy, is concerned with the management and security of sensitive personal information given by consumers throughout the course of their daily interactions with businesses.
Despite the fact that every convenience, whether in the manufacturing industry or electronic banking, allows people to use their services or products from anywhere at any time, every convenience comes with its own set of concerns and issues, and the modern age necessitates the adoption of modern protections and limitations. For this reason, consumer privacy is the most important factor in making any product or service successful in the modern era.
As the globe continues to expand at a rapid pace, the number of consumers continues to rise in tandem, and organizations continue to build their businesses on the backs of bigdata from their customers, they must ensure that their data remains private.
No one wants their bank accounts to be accessed by hackers or anybody else who is unknown to them.
In addition, you are adamant about avoiding opening your conversations on any other cellular phones.
Your postal address must be protected in order for you to receive mail. You certainly don’t want to see ads for goods or services that you don’t want to see.
Consumer Privacy Concerns:
In the wrong hands or not secured properly, a consumer’s personal information may cause identity theft, financial fraud, and other issues, which together cost individuals, companies, and governments millions of dollars each year.
Companies may lose their most valuable customers as a result of inadequate privacy protections, which may force them to shut or discontinue their services, or to restructure their infrastructure to provide more security and privacy for individual information..
It is possible that protecting the consumer’s important data from being abused would pose a threat to society and the whole globe. Governments and law enforcement agencies responded by introducing several fundamental and common consumer privacy features, which are mentioned below; they include
User agreements for bank accounts, utilities, credit cards, and other similar services; digital signatures; and biometric identification technology are all examples of security measures. Nonrepudiation technologies for email, passwords, and other authorization measures are all examples of security measures as well.
An investigation reveals that the rise of e-commerce and big data in the early 2000s exacerbated consumer data privacy concerns, casting a fresh perspective on the problem. It wasn’t until the World Wide Online Consortium’s Platform for Privacy Preferences Project (P3P) was established in order to offer an automated way for internet users to pass on personal information to websites that broad collection of web activity data became completely uncontrolled.
The methods through which data is gathered and utilized now are more costly than they have ever been. Data and information are essential for businesses to provide value, and as a consequence, whenever you interact with these organizations, your data is gathered, either directly or indirectly. This information is subsequently utilized for internet monitoring, target marketing, and behavioral characterization purposes, among other things.
In an environment where there is little or no privacy protection, having excessive access to valuable data raises the danger of mishandling and violating the sensitive data stored in the system.
No matter how large and well-known your company is, or how well-known your organization is, you must remain humble. The word “YAHOO” is familiar to everyone in this age of digitalization, and according to Wikipedia, even the company “YAHOO” faces risks to its databases and personal data in 2017.
In accordance with Wikipedia
The first publicly disclosed breach, which happened sometime in late 2014 and impacted approximately 500 million Yahoo! user accounts, was revealed in September of that year. In December 2016, it was revealed that a second data breach had occurred previously, during the month of August 2013. Following initial reports that the breach had affected more than 1 billion accounts, Yahoo! subsequently confirmed in October 2017 that all 3 billion of its user accounts had been compromised. In the history of the Internet, these breaches are regarded to be the most significant ever uncovered. Particularly sensitive information stolen includes names, email addresses, telephone numbers, encrypted or unencrypted security questions and answers, dates of birth, and hashed passwords, to mention a few examples.
After reading this, I’m sure you’re taken aback. Following the reading of the whole article, this is only one of many figures that will shock you with how much your privacy and data is at danger.
KEY STATISTICS ABOUT CONSUMER PRIVACY
- Half of Americans (49%) feel that their personal information is less secure than it was five years ago.
- 54% feel either fed up, frustrated or creeped out by companies that use their data to serve targeted, personalized ads.
- 56 percent of Americans reported wanting more control over their personal data, and insisted that both corporations and government must play an active role in protecting consumer data.
- 90% agree that the data privacy rights of the California Consumer Privacy Act (CCPA) in the U.S should extend to all Americans. Along these lines, four in five (84%) consumers say that they are open to state legislation giving consumers more control over their data.
- Federal legislation mirroring key provisions of privacy laws in Europe or California could cost the U.S. economy about $122 billion per year.
- 79% of Americans are either somewhat or very concerned about how companies use the data they collect. At the same time, 81% don’t even feel like they have control over what data is collected.
1. Half of Americans (49%) feel that their personal information is less secure than it was five years ago.
The Pew Research Center found that almost half of Americans (49 percent) believe that their personal information is less safe now than it was five years ago. Consumers have begun to feel less safe about their personal data, and they have less faith in contemporary institutions to protect their personal information. Consumers are increasingly worried about the security of their personal information, whether it comes from a telecommunications provider or a credit card business.
The majority of Americans are more frightened than pleased by the commercial messages they see on Facebook and Google. They believe that they have little control over the personal information that is collected about them.
(Pew Research Center)
2. 54% feel either fed up, frustrated or creeped out by companies that use their data to serve targeted, personalized ads.
In accordance with the source, more than half of Americans (54 percent) express dissatisfaction with, frustration with, or creepiness toward businesses that exploit their data to deliver targeted, customized advertisements. When people get a phone call for a product in which they have no interest, they are not happy with the situation. They do not want their data to be used for marketing services, which are still being utilized without their permission, and this makes them feel less safe about their information.
(South Florida Reporter)
3. 56 percent of Americans reported wanting more control over their personal data, and insisted that both corporations and government must play an active role in protecting consumer data.
New research from KPMG found that 56 percent of Americans expressed a desire for more control over their personal data and stressed that both businesses and the government must play a proactive role in protecting consumer data. Consumers express a desire for more control over their personal data, which they see as a fundamental human right in most cases. Consumer expectations for ethical data usage and greater control over their own data, according to KPMG, must be a central factor in the development of data privacy policies and procedures.
4. 90% agree that the data privacy rights of the California Consumer Privacy Act (CCPA) in the U.S should extend to all Americans. Along these lines, four in five (84%) consumers say that they are open to state legislation giving consumers more control over their data.
Organizations that work on privacy issues in this digital era have received widespread support, with people stating that they are prepared to comply with any order issued by these governmental authorities to safeguard their personal information. As reported by the source, 90 percent of respondents believe that the California Consumer Privacy Act (CCPA) in the United States should be extended to all citizens of the United States. In a similar vein, four out of every five customers (84 percent) believe they are receptive to state legislation that gives them more control over their personal information.
People are willing to put their confidence in the government and institutions to safeguard their cyber security if the government and institutions are successful in protecting their data and giving them greater control over their information.
(Digital Content Next)
5. Federal legislation mirroring key provisions of privacy laws in Europe or California could cost the U.S. economy about $122 billion per year.
A report published by the Information Technology and Innovation Foundation on federal data privacy found that legislation mirroring key provisions of privacy laws such as the General Data Protection (GDP) in Europe or California’s Consumer Protection Act (CCPA) could cost the United States economy approximately $122 billion per year, or $483 for every adult.
Policy making for data privacy should be done in such a manner that customers’ data is protected while yet allowing for opportunities for company development in the digital environment.
(Information Technology and Innovation Foundation)
6. 79% of Americans are either somewhat or very concerned about how companies use the data they collect. At the same time, 81% don’t even feel like they have control over what data is collected.
The results of a study conducted by the Pew Research Center revealed that consumers in the United States are mainly worried about the use of their acquired personal data and that they feel immobilized by the fact that they have little control over how their data is used by businesses. Putting this statistic into figures, the study showed that 79 percent of Americans are either very or extremely worried about how businesses utilize the data they gather. At the same time, 81 percent of respondents do not believe they have any control over the information gathered.
(Pew Research Center)
7. 3 in 4 would boycott their favorite retailer if it failed to keep personal data safe.
Businesses and retailers should maintain a close watch on their organization’s data security rules and policies since customers are more worried about their data than ever before, and if you are not working on data security, you may end up paying for it. In an effort to better understand the connection between customer privacy and company development, Datagrail and OnePoll conducted a poll in conjunction with OnePoll. According to the results of the study, three out of four people would abandon their favorite store if it failed to protect their personal data. As a company, you should only use the data of your customers to the degree that they consent to; otherwise, if the consumer feels insecure, you may be required to compensate them for their discomfort.
8. 67% would share their personal location data to help track COVID-19 cases.
In the era where consumers fear to share their personal data and growing number of data breaches. The customers are still sharing their personal data to help fight against the Covid-19.
According to the source strong willingness to share personal data to safeguards others against Covid-19:
- 89% would allow places/employers to take their temperature.
- 85% would share their COVID-19 diagnosis with their employer.
- 67% would share their personal location data to help track COVID-19 cases.
- 67% would share their lifestyle information as it contributes to COVID-19 exposure with their employer.
(Digital Content Next)
9. 61% of U.S Consumers find getting relevant offers more important than keeping their online activity private from companies
Data breaches may occur not just as a result of inadequate privacy protection procedures, but also as a result of the reckless conduct of certain consumers with regard to their personal information. According to the source, who provided precise figures, 61 percent of consumers in the United States consider receiving relevant offers to be more essential than keeping their internet behavior secret from businesses. Consequently, it is your duty not to provide your personal information to any illegal web resource in exchange for a few discounts and incentives.
(Digital Marketing Institute)
10. Two out of five (41 percent) of U.S. banking consumers already use at least one fintech app, most often relating to budgeting and saving, investment advice and lending. And, with regard to the privacy of the data they share when using financial apps online or on mobile devices, more than two-thirds of consumers say they are “very” or “extremely concerned.”
Money is always the most essential item in anyone’s life, regardless of their circumstances, since we all acquire it via hard work. Because of the simplicity with which financial transactions may be completed nowadays, virtually everyone utilizes a fintech app. This issue was investigated by the source, who discovered that two out of every five (41 percent) banking customers in the United States are already using at least one fintech app, with the majority of them related to budgeting and saving, investing advice, and lending. Furthermore, when it comes to the privacy of the information they disclose while using financial applications online or on mobile devices, more than two-thirds of consumers express “very” or “extremely” worry.
(ABA Banking Journal)
11. More than nine in 10 Americans say companies should put data privacy guidelines and policies in place.
A majority of Americans (more than nine in ten) believe that businesses should create data privacy standards and policies, be held accountable for data breaches, take corporate data accountability seriously, and take the initiative in creating corporate data responsibility. Businesses should explore utilizing data discovery and protection technologies, as well as investigating new applications of blockchain technology and artificial intelligence, in order to offer customers with more control over their data and information. These technologies may assist businesses in better tracking the source of their data, assuring its correctness, increasing its accuracy, making it readily discoverable, protecting it, and gaining more external insight into the data being gathered, among other things. A survey of 600 global technology executives conducted in late March/early April by KPMG discovered that improving cybersecurity and data privacy is one of the top four objectives for which their organizations are investing in emerging technologies such as process automation, smart analytics, cloud computing, artificial intelligence (AI), and blockchain.
12. 47 percent of respondents reported that they felt that their data and personal information online was somewhat vulnerable to hackers, while in comparison.
The results of a survey conducted by Statista revealed that 47 percent of respondents believed that their data and personal information stored online was somewhat vulnerable to hackers, whereas the majority of respondents believed that their data and personal information was extremely vulnerable to hackers. Fewer than 2% of those polled believe that their personally identifiable information is not at risk.
13. 63% of customers say most companies fail to use their data transparently.
According to the Salesforce research, it is apparent that businesses are working hard to earn their customers’ confidence while also offering privacy protection, since 63 percent of consumers believe that most firms do not utilize their data in an open and transparent manner when using their data. While 54 percent of respondents express confidence that businesses that have access to their personal information would not utilize it in an inappropriate manner. However, the percentage of individuals who mistrust the businesses that have their data is still significant, and more and more people are expressing their worries about the use of their personal data.
As technology advances, we are increasingly reliant on apps for everything from sharing our thoughts to sharing our moments on social media platforms such as Facebook and Instagram. We even use apps to conduct any of our financial transactions through the internet because of the convenience and accessibility. But have you ever wondered why every single app, such as a camera app that allows you to capture pictures with filters and requires you to provide personal information? Most of these applications have the potential to sell your data or to utilize your data in an inappropriate manner. Data breaching is not a huge issue in this age of the internet, but being protected from data breaches is a large and serious matter, and governments all over the globe should enforce privacy laws to safeguard consumer data.