On today’s Business Beat, Jeff discusses today’s concerns among consumers regarding data privacy, and how this impacts small businesses.
Tune in to the Business Beat, below, to learn more about data privacy concerns and how they can impact your business:
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Good morning, Paul!
Well, you heard me say it many times on the Beat. If you’re in business today, you better be focused on an online presence as a primary way of doing business. Not just supplementary as many used to view it, but wait, there’s an issue that must be addressed if the party is to roll on online.
What’s that? Well it’s this: consumers are becoming increasingly concerned about providing their personal information to online sites and platforms, including their credit card or other payment credentials. And if online sellers can’t get that, we’ve got problems.
A new study just released, known as “The Privacy Paradox: Securing Data to Build Customer Engagement” conducted by Payments and Very Good Security, found that nearly all consumers exhibit some concern about the security of their personal information online with 81% at least somewhat concerned, and as many as 49% extremely concerned.
Main causes of concern? It’s these platform breaches that can lead to data theft or unauthorized data access by criminals or other parties and in fact, 65% of consumers said that they would very likely abandon a transaction or an onboarding process if they felt concerned about the security of their personal information provided to a given site or platform.
Now not surprisingly, the only defense is a good defense. Payments found that 57% of consumers would be highly likely to switch to another platform if they became concerned about a provider sharing or not protecting their personal information or doing something to make sure it’s protected. Look, this survey makes clear, Paul, that if you want to succeed as an online business, you better put some focus into providing protection of consumers’ personal information.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat, on the Great Voice of the Great Lakes, WJR.