Every time someone sends an email, opens an app, or visits a website, they leave a piece of them behind. Every digital interaction can be logged and saved somewhere, and this trail of information is utilized by businesses and organizations for their own purposes. The result is a data set that has become one of the world’s most sought-after commodities.
While a lot of data collection happens behind closed doors, what is clear is that our privacy infrastructure has struggled to keep up with people’s demands for increased security. Some claim that the erosion of data privacy is a feature of the system, rather than a bug. But there are many others (ourselves included) that growth and security can happen side by side.
We believe that 2023 is going to be a watershed year in data privacy. Governments all over the world have made strides in the protection of personal data, while businesses have to adapt their practices to accommodate user demands for privacy.
We have compiled these statistics to show why you need to take steps to protect your clients’ data.
- 62% of Americans say it is not possible to go through daily life without companies collecting data about them. (Pew Research Center)
- 48% of users have stopped buying from a brand or using a service because of privacy concerns. (Tableau)
- 33% of consumers have left social media companies, ISPs, retailers, or financial institutions over data privacy concerns. (Cisco)
- 76% of users say that companies must do more to protect their data. (Truata)
- 92% of users are concerned about their privacy when going online. (TrustArc)
- 44% of data breaches involve sensitive information such as names, emails, and passwords. (IBM)
- Only 44% of Gen Z users are aware of “phishing” scams. (The Harris Poll)
- Only 25% of users believe that companies handle personal data responsibly. (Pew Research Center)
Business and data privacy
- For 88% of users, their willingness to share personal data depends on how much they trust a company. (PwC)
- 60% of users say they would spend more money with a brand they trust to handle their personal data responsibly. (Truata)
- 84% of users are more loyal to companies with strong security controls. (Salesforce)
- 53% of users would try to get their personal data back from a company if given the opportunity. (PwC)
- 39% of users would likely turn away from a company that required them to provide highly personal information. (Akamai)
- Most companies see a very positive return on their privacy investment, and over 40% see benefits at least double their privacy spend. (Ledgeview Partners)
Governance and data privacy
- 69% of the world’s countries now have data protection and privacy legislation in place. (UN)
- At least 20 countries (excluding EU member states) have enacted GDPR-style laws. (Reed Smith)
- 47% of companies have updated their privacy policies to comply with the GDPR and other privacy laws. (LegalJobsIO)
- 32% of U.S. companies now have a data protection officer, and 27% have spent more than half a million dollars to become GDPR compliant. (Persona)
- Between January 2021 and January 2022, nearly €1.1 billion in fines were issued for a wide range of GDPR violations. (DLA Piper)
- 82% of companies consider privacy certifications such as ISO 27701 and Privacy Shield as a purchasing criterion when selecting a product or vendor in their supply chain. (Cisco)
- The highest GDPR fine to date was $877 million and was announced in July 2021. (Tessian)