New Cassie research reveals consumers believe companies prioritize profits over privacy rights

The vast majority (93%) of consumers report concerns surrounding the security of their personal information online, despite an increase in data privacy regulations globally

Cassie, the leading consent and preference management platform serving Fortune 500 companies globally, unveiled Privacy Beyond Borders, a new report that surveyed consumers across the US, UK, EU, and CA about global user expectations and the impact regional privacy laws have on their digital experiences. Alarmingly, 92% of consumers believe that companies often prioritize profits over data protection – despite the rising need to adhere to privacy regulations.

In 2023, 137 out of 194 countries put legislation in place to secure the protection of data and privacy. Yet, according to Cassie’s report, 65% of consumers do not believe data privacy regulations in their country adequately protect their personal data. To mitigate these concerns, consumers desire clear expectations of how their data will be used, and for companies to use encryption and secure data storage practices.

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However, in today’s digital world, the reality is that companies must consider consumer preferences when it comes to data privacy, as there are many regional variances. Notably, US consumers were 24% more likely than EU consumers to value the trustworthiness or reputation of a website. Meanwhile, EU consumers were 17% less likely than average to value the use of encryption and secure data storage practices. UK consumers are reportedly 53% more likely than US consumers to believe that their country’s data privacy regulations adequately protect their personal data. They are also 34% more likely than US consumers to feel more comfortable interacting with a website that showcases its compliance with data privacy regulations.

“The regional disparities in consumer attitudes towards online security and data privacy highlight the difficult environment that businesses must steer through in a globalized digital economy,” said Nicky Watson, co-founder and chief architect of Cassie. “Understanding and addressing these global variances is crucial to success. Particularly as consumers become increasingly proactive in protecting their online privacy, companies must adopt transparent and secure data practices – lest they risk losing consumer trust and business opportunities.”

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Additional key findings from Cassie’s Privacy Beyond Borders Report include:

Who should be in charge of data privacy
While 94% of consumers agree that companies should adhere to the strictest data privacy regulations globally, regardless of the country in which they operate, opinions on whose job it is to ensure they do so varies by region. US consumers were 55% more likely than EU consumers to believe data privacy should rest in the hands of companies. Meanwhile, European respondents were 83% more likely than US respondents to believe data privacy should rest in the hands of consumers.

Cookie consent and online behavior
Cookie banners are meant to protect and enforce users’ data privacy preferences – but consumer reactions to them vary. According to the report, European respondents are 160% more likely than US respondents to never read a cookie consent popup before clicking a response. However, consent fatigue is a universal sentiment as 73% of consumers globally report feeling overwhelmed by the number of consent requests when using online services.

Concerns about data security
An overwhelming majority (93%) of consumers expressed they are concerned about the security of their personal information online. This is no surprise, considering half of consumers that have consented without considering the consequences reported their personal information has been leaked in a data breach. What’s more, only 1 in 10 consumers consider themselves to be “very informed” when it comes to data privacy, leading 53% of consumers to abandon an online transaction due to concerns about a company’s data security in the past 12 months.