CA Technologies today unveiled the Asia Pacific and Japan (APJ) findings of its inaugural Global State of Digital Trust Survey and Index 2018 study*.
The report found that the Digital Trust Index for 2018 in the APJ region is 63 points out of 100, a score indicating consumers’ flagging confidence in the ability or desire of organisations to fully protect user data.
One of the key findings from the survey is that there is a 13-point gap between the Digital Trust Index for consumers (63%) and the perceptions of business decision makers and cybersecurity professionals (76%) in APJ, signifying that business leaders overestimate consumer trust in their organisations. This perception gap can lead to complacency amongst businesses and undermine organisations’ efforts to understand the importance of consumer trust, improve their security infrastructure and enforce data protection policies, CA Technologies said.
“As businesses across every sector create new online goods and services for their customers, they are consuming an increasing amount of personally identifiable user data. The degree to which consumers have placed their trust in organisations to protect their information is more critical than ever,” said Jarad Carleton, Industry Principal, Frost & Sullivan.
“At the same time, there is an increasing distrust in APJ that businesses will be good stewards of the data they collect without strong oversight. There is a lot of work to do to earn back consumer trust, and organisations need to know how to get started.”
The study found that 89% of business executives and IT security professionals in APJ stated that they are very good at protecting consumer data, exhibiting a high level of self-confidence in their organisation’s role as a data steward. Additionally, more than nine in ten (92%) of business and IT respondents believed that better data privacy is a point of differentiation for them against their competitors.
However, businesses are not demonstrating that they are taking the right steps to protect consumer data.
Nearly three in four (73%) of business executives in the region indicated that they used consumer data that includes personally identifiable information (PII) internally. What is more alarming is that 40% of APJ business executives surveyed admitted to selling consumer data, including PII. At the same time, only 17%, of cybersecurity professionals knew that their company was selling data.
This significant disconnect and lack of communication on how consumer data is used within the company can severely compromise these organisations’ ability to safeguard their customers’ data from internal and external abuse.
The study found that 33% of APJ consumers reported that they currently use, or have used in the past, services of organisations that were involved in a publicly-disclosed data breach. Amongst these respondents, more than half (54%) have stopped using the services of an organisation because of a data breach.
This is a particularly concerning finding for businesses as it is not a question of if a breach will occur, but when, CA Technologies points out.
In APJ, 38% of business executives admitted that their organisation has been involved in a publicly-disclosed consumer data breach in the last year. Additionally, approximately three in five of these respondents indicated that the data breaches had long-term, negative impact on consumer trust (59%) and business results (63%).
The study also found that despite the growth of this region’s e-commerce and digital economy, 13% of consumers with low digital trust still reduced their spending on online shopping and services over the last year. This is more than four times higher compared to consumers with high digital trust, of which 3% have decreased their spending.
These findings not only illustrate how consumer trust in online services drives usage patterns, but how the loss of digital trust can undermine business growth, CA Technologies warned.
In addition, the lack of digital trust can also impact the rollout and adoption of new digital services. Only 22% of consumers with low digital trust are receptive to using an organisation’s app to access their services, compared to 46% of consumers with high digital trust.
Furthermore, only 8% of consumers with low digital trust in the region are willing to provide their personal data in exchange for digital services, compared to 77% of the consumers with high digital trust.
“Asia Pacific is home to 1.9 billion Internet users, or half of the world’s digital population. As consumers are increasingly transacting online, organisations here have access to vast amounts of data, from personal information to user behaviour. The responsibility to protect data has never been more vital,” said Gene Ng, VP, Security, APJ, CA Technologies.
“For our digital economy to continue to thrive, consumers need to be confident that their personal data is being collected, stored and used in a manner that benefits and protects them. That is why understanding what drives digital trust is of paramount importance to business leaders.”
In order to earn back the trust of consumers, businesses need to re-examine their stance on data stewardship, CA Technologies said.
This means examining their policies for using consumer data and being more transparent with their users about how the information is being used. It also means taking greater care when sharing or selling data to ensure that they uphold stringent standards of protection.
Besides policies, technology also plays a fundamental role in reinforcing digital trust. Ninety percent of cybersecurity professionals in APJ highlighted that it is critical to use identity access management technology to safeguard consumer data while 87% stated that implementing user behaviour analytics to identify suspicious activities is vital.
“Companies also need to adopt a security-driven culture across their entire organisation. This involves authorising access to only those who need to use the data while deploying cybersecurity best practices, such as implementing a comprehensive identity and access management solution to protect data assets. These measures are not only essential for delivering a secure user experience and restoring consumers’ trust in the organisation, they will also mitigate the risk of losing half of the company’s customer base due to a data breach,” Ng concluded.
Explore:
Read the Global State of Digital Trust Survey and Index 2018 report
View the infographic on the key APJ findings of the research (PDF)
The report found that the Digital Trust Index for 2018 in the APJ region is 63 points out of 100, a score indicating consumers’ flagging confidence in the ability or desire of organisations to fully protect user data.
One of the key findings from the survey is that there is a 13-point gap between the Digital Trust Index for consumers (63%) and the perceptions of business decision makers and cybersecurity professionals (76%) in APJ, signifying that business leaders overestimate consumer trust in their organisations. This perception gap can lead to complacency amongst businesses and undermine organisations’ efforts to understand the importance of consumer trust, improve their security infrastructure and enforce data protection policies, CA Technologies said.
“As businesses across every sector create new online goods and services for their customers, they are consuming an increasing amount of personally identifiable user data. The degree to which consumers have placed their trust in organisations to protect their information is more critical than ever,” said Jarad Carleton, Industry Principal, Frost & Sullivan.
“At the same time, there is an increasing distrust in APJ that businesses will be good stewards of the data they collect without strong oversight. There is a lot of work to do to earn back consumer trust, and organisations need to know how to get started.”
The study found that 89% of business executives and IT security professionals in APJ stated that they are very good at protecting consumer data, exhibiting a high level of self-confidence in their organisation’s role as a data steward. Additionally, more than nine in ten (92%) of business and IT respondents believed that better data privacy is a point of differentiation for them against their competitors.
However, businesses are not demonstrating that they are taking the right steps to protect consumer data.
Nearly three in four (73%) of business executives in the region indicated that they used consumer data that includes personally identifiable information (PII) internally. What is more alarming is that 40% of APJ business executives surveyed admitted to selling consumer data, including PII. At the same time, only 17%, of cybersecurity professionals knew that their company was selling data.
This significant disconnect and lack of communication on how consumer data is used within the company can severely compromise these organisations’ ability to safeguard their customers’ data from internal and external abuse.
The study found that 33% of APJ consumers reported that they currently use, or have used in the past, services of organisations that were involved in a publicly-disclosed data breach. Amongst these respondents, more than half (54%) have stopped using the services of an organisation because of a data breach.
This is a particularly concerning finding for businesses as it is not a question of if a breach will occur, but when, CA Technologies points out.
In APJ, 38% of business executives admitted that their organisation has been involved in a publicly-disclosed consumer data breach in the last year. Additionally, approximately three in five of these respondents indicated that the data breaches had long-term, negative impact on consumer trust (59%) and business results (63%).
The study also found that despite the growth of this region’s e-commerce and digital economy, 13% of consumers with low digital trust still reduced their spending on online shopping and services over the last year. This is more than four times higher compared to consumers with high digital trust, of which 3% have decreased their spending.
These findings not only illustrate how consumer trust in online services drives usage patterns, but how the loss of digital trust can undermine business growth, CA Technologies warned.
In addition, the lack of digital trust can also impact the rollout and adoption of new digital services. Only 22% of consumers with low digital trust are receptive to using an organisation’s app to access their services, compared to 46% of consumers with high digital trust.
Furthermore, only 8% of consumers with low digital trust in the region are willing to provide their personal data in exchange for digital services, compared to 77% of the consumers with high digital trust.
“Asia Pacific is home to 1.9 billion Internet users, or half of the world’s digital population. As consumers are increasingly transacting online, organisations here have access to vast amounts of data, from personal information to user behaviour. The responsibility to protect data has never been more vital,” said Gene Ng, VP, Security, APJ, CA Technologies.
“For our digital economy to continue to thrive, consumers need to be confident that their personal data is being collected, stored and used in a manner that benefits and protects them. That is why understanding what drives digital trust is of paramount importance to business leaders.”
In order to earn back the trust of consumers, businesses need to re-examine their stance on data stewardship, CA Technologies said.
This means examining their policies for using consumer data and being more transparent with their users about how the information is being used. It also means taking greater care when sharing or selling data to ensure that they uphold stringent standards of protection.
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| Source: CA Technologies infographic. Reality against perceptions for digital trust. |
Besides policies, technology also plays a fundamental role in reinforcing digital trust. Ninety percent of cybersecurity professionals in APJ highlighted that it is critical to use identity access management technology to safeguard consumer data while 87% stated that implementing user behaviour analytics to identify suspicious activities is vital.
“Companies also need to adopt a security-driven culture across their entire organisation. This involves authorising access to only those who need to use the data while deploying cybersecurity best practices, such as implementing a comprehensive identity and access management solution to protect data assets. These measures are not only essential for delivering a secure user experience and restoring consumers’ trust in the organisation, they will also mitigate the risk of losing half of the company’s customer base due to a data breach,” Ng concluded.
Explore:
Read the Global State of Digital Trust Survey and Index 2018 report
View the infographic on the key APJ findings of the research (PDF)
*Conducted by analyst firm Frost & Sullivan, the inaugural report, titled Global State of Digital Trust Survey and Index 2018, highlights how consumers perceive and trust organisations to protect their digital data. The report surveyed a total of 990 consumers from ten countries globally, including 390 respondents from Australia, China, India and Japan.
The survey also included significant data about how business leaders and cybersecurity professionals at organisations view their responsibilities of data stewardship, the licensing of consumer data to third parties and the technologies they are implementing to protect data and customer privacy.
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