Urgent Steps Required to Restore Trust in Organizations That Process Data
Only 21% of consumers trust social media companies to protect their data
81% of consumers said they would like more control over when they choose to share their personal data with businesses
Three-quarters (74%) disagree with industries’ claim on transparency in the use of data
[New York City, United States, Thursday 2nd May 2019]
Latest research from Privitar, the data privacy software company, reveals a stunning lack of consumer trust in the ability of private and public sector organizations to protect their data, as well as sharply conflicting views between businesses and consumers regarding transparency in data collection and use.
In the 2019 Privitar Privacy Pulse, released today at the International Association of Privacy Professionals Global Summit, not a single industry among those included in the research – Healthcare, Utilities, Finance, Retail, Government, Telecoms and Social Media – earned even a 50% rating for data-protection trustworthiness. Healthcare (47%) ranked highest in trustworthiness and Social Media (21%) ranked lowest.
The research, surveying 5,128 consumer respondents and 751 business respondents in the US, UK and France, shows consumers and businesses are at great odds regarding how personal data is collected and shared. While the vast majority of consumers (81%) said they want more control over when they choose to share their personal data, more than three quarters (79%) of the businesses claimed they already empower their customers to decide how their data is used and feel they are adequately explaining this process.
Privitar’s Privacy Pulse findings also highlight the level of consumer angst about data privacy. A majority of consumer respondents saw increased regulation as a way to improve data privacy and protection. US consumers were the most likely to agree that stricter data regulations make them feel safer, with 68% agreeing compared to 65% globally.
The Privitar research shows businesses in a risk-reward quandary. Although a significant majority of businesses want to do more to better manage and protect data as well as make it more accessible, their fear of privacy risk and reputational damage caused by privacy protection failures are holding them back.
While 73% of businesses said they could be doing more to effectively manage and protect their data and 74% said they could be doing more to make their data accessible to the people who need it, 66% said the risks associated with using their data are not worth the potential benefits the organization.
Jason du Preez, Privitar’s CEO said:“These latest research findings reaffirm our belief that there is an urgent need for both trusted privacy-protection measures and much greater transparency in how data insights are used. We must always be cognizant that data points and statistics relate to people – to individuals with personal lives and a right to self-determination.”
Du Preez noted there are practical steps organizations can take today to overcome the trust and transparency challenges, harness the power of their data, and realize significant business value from it. “By embracing privacy-by-design principles and ensuring that ethical data practices are firmly in place, businesses have the opportunity to make data privacy a competitive advantage,” said du Preez.
He laid out five steps for building trust and unlocking the power of data:
- Be transparent with customers about when, how and why their data is collected
- Clearly communicate to customers the benefits of sharing their data – for them individually, for their community and for society
- Recruit, retain and train teams of data privacy experts – and empower them to establish the right infrastructure across the business
- Equip the business with effective data privacy products to enable safer and wider data utilisation while adhering to local and/or international regulation
- Centralize and automate data privacy governance to ensure greater consistency, compliance and control
More information on Privitar’s latest Privacy Pulse is available here:
For further information please contact:
Clementine Boyer Duroselle on the Privitar press team: email@example.com
Notes to editors
Privitar Privacy Pulse Wave 2 methodology:
Privitar commissioned Edelman Intelligence to survey over 2000 consumers in the UK, 2000 in the US and over 1000 consumers in France (total 5128 respondents). The respondents were aged over 18 and representative of gender, age, region and income. Edelman Intelligence also surveyed 250 business respondents in each of the three markets (total 751 respondents). The respondents all have an influence in decisions about their organisation’s data management, from departments such as IT, data analytics, data management and security. The respondents also reflected a spread across 6 industry sectors: banking and financial services, telecoms, healthcare, civil and social services and local government, retail and utilities.
Privitar provides data-privacy software to companies and public sector organizations around the world to protect sensitive data and enable ethical data analysis. Privitar’s software accelerates and automates the provision of privacy-preserving data, helping customers extract more business value from their data, generate data-driven insights, and drive innovation. Privitar was established in 2014 with headquarters in London and offices in New York, Boston, Singapore and Paris. The company raised $16m in a Series A funding round in July 2017, led by Partech Ventures and Salesforce Ventures with support from existing investors IQ Capital, 24Haymarket and Illuminate Financial. In December 2018, Citi invested in a minority stake in Privitar.
Privitar hosts an annual community event – In:Confidence – with luminary privacy experts and commentators and contributes regularly to the public discourse on privacy matters. You can read and subscribe to the latest news and opinions from Privitar here.
For more information, please visit www.privitar.com
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