Intelligent SME.tech Issue 25 - Page 18

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CONSUMERS WANT MORE TRANSPARENCY on how businesses handle their data

ISCO PUBLISHED ITS 2022

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Consumer Privacy Survey – an annual global review of consumers ' perceptions and behaviours on data privacy . This year ' s survey highlights the critical need for further transparency as consumers say their top priority is for organisations to be more transparent on how they use their personal data .
The survey also showed that while , in theory , consumers are supportive of AI ( with 54 % willing to share their anonymised data to improve AI products ), many ( 65 %) have lost trust in organisations due to their use of AI .
This year , 81 % of respondents agreed that the way an organisation treats personal data is indicative of how it views and respects its customers – the highest percentage since Cisco began tracking it in 2019 .
Consumers are increasingly taking action
In response to the erosion of trust in organisations ' ability to protect data , many consumers are taking action to better protect their data themselves including :
• Over three-quarters ( 76 %) say they would not buy from a company that they do not trust with their data
• Only 37 % indicated they had indeed switched providers over data privacy practices
• Just over half ( 53 %) say they manage their cookie settings from a website before accepting
• While 46 % of those with a home listening device say they turn it off regularly to protect their privacy
Disconnect between business and consumers when it comes to AI
Ever-evolving technologies make it difficult for consumers to trust companies with their data . Most respondents believe the potential benefits of AI outweigh the risk , provided proper de-identification is in place , with 54 % willing to share their anonymised personal data to help improve AI-based products and decision-making .
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