Since Edward Snowden exposed the government’s surveillance programmes including the likes of PRISM to the world, there have been widespread debates regarding privacy and security of personal information in the digital era.
A new study by IDC shows that 84% of US consumers are concerned about the security of their personally identifiable information, with 70% of them acknowledging that their concern is greater today than it was a few year ago.
The study also concluded that younger consumers between the age of 18 to 35 are more concerned about their privacy and security of private information than those aged between 36 and 50.
“Technologies continue to integrate into the human experience and businesses and government entities leverage data-sharing ecosystems to provide services or sell products. The resulting impact is that individuals feel overly connected and may year for greater anonymity,” said Sean Pike, VP, Security Products, IDC.
The survey found that as many as 78% people are ready to switch to a different business if there is any threat to their personal information.
The younger age group is also more likely to switch business provider in case a potential security threat is unravelled with their current ones as compared to the older age group.
The younger group has a 56% likelihood of switching and the older group has 53%.
“When consumers feel their private information is in jeopardy, they appear poised to take action such as shifting loyalty. It is imperative that business leaders not only understand the risk that their organisation assumes when collecting consumers’ personal information, but also the potential security and compliance solutions available to help manage the collection, processing and use of sensitive data,” Pike added.