Video: Consumers are catching on to the data value exchange game.
Following the Cambridge Analytica scandal, Australia media company, Pureprofile, surveyed consumers to measure perceptions surrounding data use by organizations. Almost half (48%) were concerned about how their data was being used and intended to make changes to their privacy and sharing settings. Surprisingly, 26% of the Australian users surveyed decided to change or close their Facebook account.
When combined with other research on attitudes towards data use, it becomes clear that consumers are growing increasingly aware of the value exchange that occurs with online services, social media, and companies. However, they are not satisfied with how their data is being used and who exactly is using it, signaling a future paradigm shift in the way customers respond to data breaches.
Fostering trust with cyber vigilant customers begins by explaining how you are protecting their data. Consider highlighting your security solutions and outline how customer data is only being used when necessary, and with the intention of improving customer experiences to make their lives easier.
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