As has become increasingly clear in recent years, privacy presents real business risks that have the potential to negatively impact a company’s bottom line, from the legal fees associated with a data breach to a decline in revenue stemming from a loss on consumer trust.
In November 2015, Morrison & Foerster’s Privacy & Data Security Group conducted an online survey of more than 900 consumers from across the United States to gauge attitudes and concerns about various privacy issues.
The key findings include:
- privacy concerns influence consumer purchasing decisions
- high-earning, well-educated consumers are more likely to stop buying from a business because of a data breach
- identity theft is the biggest privacy concern among consumers
- the government fares worse than the private sector when it comes to consumer trust