As Data Privacy Day approaches, it is important to examine some core issues about privacy and this CyberSide Chat addresses these issues, including the business case for privacy.
This Chat examines what privacy actually is–a societal norm that expresses a culture’s limitations on the collection, protection, processing, and deletion of information, as well as other topics, such as an overview of the demographics of privacy, and it lays out the business case for privacy by providing key research around consumer’s attitudes on privacy, and how it factors into their buying decisions. Overall, almost 40% of consumers made buying decisions based upon privacy, and 54% of the cohort that was highly sensitive about privacy made buying decisions based upon privacy. This is an important consideration for many businesses because that group tends to be comprised of individuals who are 46-65, and those who have higher incomes.
This research also provides businesses guidance regarding why consumers are concerned about privacy, with 20% saying they are concerned about identity theft. Finally, building upon research related to the impact of the Snowden revelations, the research provides some insight into what happens to consumer trust when data incidents happen. The research conducted by the Lares Institute reveals that there was close to a 40% decrease in trust in the government as a result of the Snowden allegations.
More details about the demographics of privacy can be found in previously published white papers from the Lares Institute, including: Eye of the Beholder; and the Demographics of Privacy.