The economics of trust
Consumers have become more educated about the value of data and cyber risks associated with it. As their awareness increases so does their expectations of trust and digital security. This has resulted in a ‘trust gap’ between consumers and enterprises. For forward-thinking organizations this presents an opportunity to redesign their relationship with their consumers by putting trust at the heart of it.
The Consumer Loss Barometer report is focused on understanding the cybersecurity gap that exists between consumers and organizations. Focusing on where the priorities differ and how leading organizations integrate cybersecurity into their business transformation agendas from the outset. Solving this gap in expectations can help generate consumer trust and propel business growth.
Highlights from the report
- Value within the organization: The vast majority, 83 percent, of CISO respondents brief the board on at least a quarterly or semi-annual basis demonstrating that executives now rate cyber security threats as a significant risk to organizational growth. But when cyber is omitted from the digital business value chain, a trust ecosystem is not delivered and a significant commercial opportunity is missed.
- Cloud and connected devices: 75 percent of consumers believe there should be additional security and privacy measures embedded into the design of their connected devices. Conversely, only 35 percent limited the use of sensitive, personal data on their devices and were willing to pay a higher price for more secure devices.
- Mobile technologies: 75 percent of consumers said they were concerned about theft or misuse of personal information collected by their mobile device and by the apps (78 percent) on their phones. Mobile device makers and network providers can differentiate themselves by building consumer trust in digital channels, not just in the mobile products and services they provide.
Key sector highlights
- Financial services: Almost half (48 percent) of consumers believe their financial institutions have full or joint responsibility for ensuring that mobile devices used for banking are secure. Regardless if financial institutions see it as their responsibility, they need to show they take the security of their customers’ personal information seriously.
- Automotive: 56 percent of consumers are worried about their car being hacked, whereas 73 percent are concerned about being hacked five years from now. Car makers are being held accountable for trust in a complex ecosystem – where dealers, software vendors, hardware vendors, telecommunications providers and, ultimately consumers, all have differing perspectives of the role they play in ensuring vehicle security.
- Retail: Alarmingly, 71 percent of consumers are more concerned about retailers misusing their personal information than information being taken by hackers (68 percent). This highlights a societal lack of trust in business that organizations must address.