Majority of consumers are deeply suspicious of what companies are doing with their personal data and report concerns for how data is collected and sold
A new KPMG survey revealed that U.S. consumers are becoming increasingly concerned with, and distrustful of, how companies use, manage and protect their personal data. According to the survey, 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.
Ninety-seven percent of American consumers indicated that data privacy is important to them, with 87 percent characterizing it as a human right. However, consumers are deeply suspicious of what companies are doing with their data: 68 percent don’t trust companies to ethically sell personal data, and 54 percent don’t trust companies to use personal data in an ethical way.
“With consumers indicating that they see data privacy as a human right, and new legislation expected in the years ahead, it is critical that companies begin to mature privacy programs and policies,” said Orson Lucas, principal, KPMG Cyber Security Services. “Consumer demands for the ethical use of data and increased control over their own data must be a core consideration in developing data privacy policies and practices.
Even though respondents indicated that data privacy is important to them, most Americans still engage in online behaviors they consider risky. The survey found that:
“Part of the challenge for corporations will be getting employees and customers to do their part in protecting their own data,” said Steve Stein, principal, KPMG Cyber Security Services. “Developing defensible notices with understandable language and data protection controls that guide employees and consumers have to be embedded in the data security agenda.”
While most survey respondents indicated that consumers themselves have a responsibility to protect consumer data, even more want the government and companies to play a role. KPMG found that:
To be able to provide consumers with increased control over their data, businesses should consider leveraging data discovery and protection tools, and exploring novel uses of blockchain, and artificial intelligence. These technologies can help organizations better track the source of their data, assure its accuracy, make it easily discoverable, protect it and build greater external visibility into the data being collected. In fact, according to a survey of 600 global technology executives conducted in late March/early April, KPMG found 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, and blockchain.
About the survey: The findings in the New Imperative for Corporate Data Responsibility report are based on the results from a survey of 1,000 respondents in the U.S. The sample was balanced to reflect national representation of age, race, gender and region. The online survey was fielded between May 19, 2020, and May 21, 2020.
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