Consumers across the globe are savvy about what happens to their data, and are demanding transparency and control over where their data goes, according to the 2019 IBM Privacy. The poll’s results re-emphasized that customers are dissatisfied with how their data is being shared and how businesses are handling their data.
In Singapore, 86% of those polled shared the view that consumers have lost all control over how personal information is used by companies, with about 7 out of 10 consumers aware that their data is always or most of the time shared. Globally, the poll showed that consumers expect businesses to do more to protect data, and 74% of consumers in Singapore report that it’s actually more important for businesses to protect their data than provide a quality product.
When it comes to privacy, consumers are not just concerned about the protection of data, but also control over it - alongside the trust for it to be kept safe and confidential. 70% of consumers surveyed said whether a company shares data with third parties is important when deciding whether to do business with said company. Taking the next step, 73% of all consumers say they have opted not to work with a business due to data security concerns, with 89% emphasizing that the sharing of data without prior permission would be cause to end the relationship.
While businesses have taken great strides towards communicating that consumer’s data are safe, 96% of Singaporeans believe that companies should be doing more. Measures such as encryption and identity theft protection security are viewed as important to customers, with 73% valuing a company’s clear promise to protect their customers data.
When consumers place the responsibility of how data is being handled, 6 out of 10 Singaporeans shared that the government should play a great deal in developing a clear understanding of the use of personal data. However, respondents surveyed in the other countries primarily held businesses responsible, with the notable exception being China.
As consumers in Singapore become savvier and more consumer-friendly solutions are developed to negotiate data exchange, new tools become increasingly important. 70% of consumers value the ability to rescind personal data, with 3 out of 4 Singaporeans appreciating the ability to opt-out of data sharing with third parties. However, consumers would be willing to share their personal data if a company could demonstrate that it could monitor how their data was being used.
Of those polled, 77% agree they would be more willing to share personal information if there was a way to fully take back and retrieve the data at any time. Another 66% percent of consumers would be willing to share their personal information if a company could demonstrate that it could monitor how their data was being used. 75% of consumers value the ability to opt-out of having their data shared with third parties.
Data privacy can no longer be implemented as an afterthought, and solutions should be built with data protection at the center of the development process. Growing consumers concerns alongside the increasingly complex data privacy compliance regulations, such as the European Union’s General Data Protection Regulation (GDPR), requires companies to address them with innovative, end-to-end solutions.