Nine out of 10 Consumers Think it is Unethical for Personal Info to be Shared Without Consent, Says Study
All our personal data continues to be a major source of revenue for companies like Google and Facebook, but we consumers have still been unable to leverage our data for profit.
To further drill into the details, Insights Network commissioned a survey of 1,000 consumers in the United States and found that the respondents are eagerly awaiting a change in the data sharing landscape. Consumers want an increase in transparency and better regulations which will help protect privacy like never before.
Insights Network’s EOS Blockchain-based data exchange reinvents the process of how brands interact with consumers. Individuals will have control over their personal information and can choose to interact with brands securely, simultaneously being given financial incentives.
Also Read: How Brands and Agencies are Affected by GDPR
Results of the Study
About 90% of the respondents think it is entirely unethical for their personal data to be shared without consent. 65% of the respondents are uncomfortable about their personal data being shared with for profitable businesses, and 68% of those respondents are tense about the overall security of their personal data.
Though, respondents are not entirely against sharing personal data, until there is thorough transparency involved throughout the process. In similar lines to this, 77% of the respondents are more comfortable sharing information if the company personally asks for it, and 86% believe that they should be notified each time their personal data is shared so as to keep a constant track on it.
Also Read: GDPR: Developing a Proportionate Response
The topic of transparency also brings along a certain number of respondents who would like to be compensated when it comes to sharing of personal data. A large number- 79% of the respondents- think they should be compensated each time their data is shared, whereas 72% believe they would be more comfortable sharing personal data if they were given an incentive in exchange.
Social media today is easily recognized as the platform which has largely profited from sharing personal data of users, amongst the other lesser-known entities. About 60% of the respondents have heard about the Cambridge Analytica/Facebook story. Facebook’s recent incident of the data leak has sparked an insecure atmosphere, which has led to consideration of 45% of the respondents deleting at least one social media account. 12% ultimately made a decision and chose to delete their account. Of those respondents who deleted their account, 78% of the respondents chose to delete their Facebook account.
Brian Gallagher, CEO of Insights Network said, “Under current practices, our data is being collected behind our backs for nefarious purposes and we need to move to conventions for data use that are based on transparency and consent. This is why we’re building Insights Network and offering a solution that provides users with secure storage and ownership of their personal data through a Blockchain-based model for data exchange.”
May 25, 2018 is when the General Data Protection Regulation (GDPR) goes into effect all across the European Union. The GDPR primarily aims to strengthen and unify data protection for all individuals by regulating the environment for international business. It requires companies to adhere to the regulations or risk strict penalties. Since its a European Regulation, 87% of respondents had not heard of the GDPR but once informed of the details, 84% of them supported the regulations.
Recommended Read: GDPR Compliance Isn’t the End of the World for Your B2B Marketing