Majority of consumers don't trust 'big tech' with their data

Only a third of consumers trust 'big tech' companies more with their data compared to smaller, independent or local companies according to a new study from API management platform Axway.

The study of over 1,000 US adults finds 82 percent of consumers wish they knew what specific data companies have collected about them, and they have concerns that their online data may not be secure.

Only 39 percent say they know where their online data is stored, yet 59 percent are willing to give companies access to their personal data if it results in a better user experience. In addition, 75 percent choose to work with businesses that are offering a more secure plan to protect personal data, but 36 percent of that group is still dependent on how much trust they have in those businesses.

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"Whether in energy, health, finance, or retail, companies are trying to stand out and provide brilliant digital experiences while also complying to industry data privacy and security requirements, which is no simple proposition," says Axway chief catalyst Brian Pagano. "Eliminating friction in customer experiences is the biggest competitive advantage, and these survey results point to security breaches and privacy concerns as a snag in the fabric of the seamless experience people have come to expect."

The study also looks at attitudes to Apple's App Tracking Transparency framework, and finds people are overwhelmingly supportive of the move. Three-quarters of Americans believe other operating systems should follow suit and block advertisers from tracking activity and preferences across applications if the advertisers don't get the user's permission to do so.

"Experience tells us consumers will go wherever the least amount of friction is, regardless of the custody chain of your data," adds Pagano. "If people feel unsure about how their data is being handled, companies have an opportunity to build trust so that their average consumer doesn't need to concern themselves with these details. Enterprises can rely on a suite of tools, like Axway's Amplify API Management Platform, which will give them scalability, privacy and security audit trails, and regulatory and compliance frameworks so they can focus on delivering the best and most secure experience."

You can get the full survey on the Axway blog.

Photo Credit: ollyy/Shutterstock

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