Consumers worried about privacy more than ever

84% of U.S. consumers expressed concern regarding the security of their personally identifiable information (PII) and 70% told IDC that their concern is greater today than just a few years ago.

The newly published special study, which measures consumer privacy sentiment across four vertical industries (Financial Services, Healthcare, Retail, and Government), also includes the following key findings:

Demographics matter: Younger consumers, those age 18-35, demonstrate a higher concern for their personally identifiable information than do their 36-50 year-old counterparts.

Call to action: Hyper awareness and growing sensitivity toward data exposure appear to have consumers on the verge of making serious changes in their behavior.

“The dawn of Digital Transformation has already affected the relationship between individuals and technology. What once were convenience technologies are now guiding lights in everyday personal and business lives. 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 yearn for greater anonymity. It is against this backdrop – when consumers feel their private information is in jeopardy – that they appear poised to take action. Consumers can exact punishment for data breaches or mishandled data by changing buyer behavior or shifting loyalty,” said Sean Pike, program vice president, Security Products and eDiscovery & Information Governance at IDC.

“It is imperative that business leaders not only understand the risk that their organization assumes when collecting consumer PII, but also the potential security and compliance solutions available to help manage the collection, processing, and use of sensitive data,” Pike concluded.