Almost two-thirds of Australians (64%) lack confidence in the ability of large organisations to keep their personal data safe, while 83% are concerned about the security of information held by their service providers, according to new research from strategic insights consultancy Nature.
The report, “Defending my data: Rebuilding customer trust in data security”, saw 1,000 consumers surveyed this month and explores sentiment around data privacy, sentiment shift over time, and opportunities for organisations to win back consumer confidence and trust.
- The recent Optus and Medibank cyber-attacks have contributed to a loss of consumer trust, with Australian consumers now rethinking how and with whom they share their data.
- There are opportunities for organisations to better communicate their data security practices to consumers, improve security systems and processes, add more security checks, and better manage data collection and retention.
- The number of Australians who are actively concerned about the security of their data has grown significantly over time.
“The conversation around data is obviously one that’s been sparked by recent incidents, and I think it’s unearthed a lot of underlying issues – it has been a tipping point for a lot of people,” Senior Consultant at Nature, Keanu Giummarra said.
And unfortunately for corporate victims, the aftermath of these incidents is two-fold.
“We know that the average data breach in Australia costs $4.6 million – the figures are quite damning. And this is on top of the trust factor that’s being challenged.”
The analysis was undertaken on the back of a number of high-profile incidents seen domestically, which has thrust cyber and operational security into the public spotlight.
In terms of what consumers want to see from organisations moving forward, the message was clear and consistent from respondents.
“The feedback is very clear – transparency and promptness are key. With the recent breaches played out in the media in real-time, customers felt that they weren’t being engaged with enough detail or in a sufficiently timely manner.
“Whether you’re multi-national or a small business, customers still want to feel their data is safe, and personally acknowledged if there are any concerns.
“Particularly in sectors such as property and financial services, it’s really important to maintain frequent, detailed communication.”
To request access to the report, or to find out more, click here.
PEXA is partnered with Nature to unveil the latest in consumer sentiment.