( PR4US.com | Press Release | 2018-10-10 22:30:42 )
New Data Privacy Survey from CompliancePoint Shows 90% of U.S. Businesses Report Leveraging Consumers Personal Information, 76% of Consumers Report Little to No Knowledge of How their Information is Being Used
Duluth GA, (October 10, 2018) – CompliancePoint, an information security and risk management consultancy, released today the results of its latest data privacy survey, revealing consumer preferences to data collection and how businesses leverage the use of their data. The results show that 90% of U.S. businesses report leveraging personal information from search results as part of their marketing strategy, while 76% of consumers report they are not aware, or moderately aware of how their information is being used.
Of the businesses polled, 60.3% said that they use customer search engine results for web re-targeting, and an additional 32.7% said that they further use this for mobile marketing campaigns. While the majority of consumers (56%) reported that they actually prefer for businesses to market to them based on their web searches, another 44% reported that they think it “feels weird” to have a company know so much information about their online habits. Furthermore, 77% of consumers reported that they have clicked on one of the top-3 search engine results, typically reserved for sponsored results. Business respondents reported leveraging these online actions in some way throughout their marketing campaigns more than 90% of the time. Yet 22% of consumers reported not understanding how their data is being used, with an additional 54% stating they are “moderately aware.”
The results show that businesses are collecting the most customer data from the one category consumers are most concerned with companies sharing or selling- their financial information. 42.7% of consumers stated they are most concerned with businesses sharing or selling their financial information, while 46.8% of businesses report collecting and selling this information specifically.
In conclusion, the consumer is concerned with companies sharing their information among channels, however the majority select sponsored search engine results, and prefer it when companies retarget them for shopping convenience.
The same survey asked businesses how often they were sharing their customers information to other companies. 21% reported that they always share their customers information, 25% reported that they do so frequently, and another 21% reported that they do this regularly. Less than 12% stated that they rarely share their customers information with other companies for marketing purposes.
CompliancePoint suggests that while individuals have specific concerns when it comes to the sharing of their data and information, they lack awareness when it comes to how businesses are using it. The majority of individuals appreciate advertising that is tailored to them, but the information businesses collect and share to achieve tailored ads stems from the personal information that consumers most are weary of businesses sharing. “The results of this survey highlight the disparity between consumers desire for online convenience and awareness of the amount of data they are sharing,” said Greg Sparrow, Senior Vice President and General Manager at CompliancePoint. “I’m not sure that consumers fully understand that extent of how their personal data is being used and what they are giving up in exchange for online convenience.”
In the wake of regular compliance and data privacy reports, it is important for businesses to make sure customers and prospects feel their data is secure, while consumers must understand that in order to have the perks of customization, some of their privacy may be sacrificed.
CompliancePoint is a leading provider of information security & risk management services focused on privacy, data security, compliance and vendor risk management. Our mission is to help our clients interact responsibly with their customers and the marketplace. We do this by providing a full suite of services across the entire life cycle of risk management using our FIND, FIX & MANAGE approach. CompliancePoint can help organizations prepare for GDPR with project initiation & buy in, strategic consulting, data inventory & mapping, readiness assessments, PIMS & ISMS framework design & implementation and ongoing program management & monitoring. Our history of dealing with both privacy and data security, inside knowledge of regulatory actions and combination of services and technology solutions makes CompliancePoint uniquely qualified to assist our clients with GDPR.
For more information, visit www.compliancepoint.com.
Online survey presented to more than 1,300 business users and consumers throughout the United States from August 15 – 20, 2018.