In this digital era, brands will need to take cognizance of the data they collect and develop strong data governance policies to comply with data security and regulatory requirements.
With the pandemic-induced shift towards digitization, the marketing ecosystem has rapidly evolved, and along with it- the way buyers engage. The enforcement of worldwide lockdowns has accelerated the trend towards digital channels and social media usage.
In fact, the US e-commerce has experienced ten years’ worth of business-wide progress in three months – reveals McKinsey. However, consumers are skeptical while using various platforms and channels in this new normal.
A recent study from Source Defense claims that a vast majority of online users are concerned about how companies handle data or fill out a digital form. The researchers provide in-depth analysis of the global client-side threat landscape and particular attacks like browser threats, formjacking, and magecart.
It is no secret that data support retailers in providing targeted, personalized solutions while influencing the general customer buying process. And in this digital market landscape, consumer data is a must for businesses to drive a predictive business model. Indeed, a holistic customer journey experience is a priority for brands’ retention programs and customer loyalty.
The marketplace sees a rare window regarding web security sentiments for a considerable population relying almost exclusively on websites. This involves all manner of healthcare, financial services, shopping, and other vital needs amid the remote working era.
Business leaders must recognize the context of online buyers and the challenges they are trying to solve when configuring the best possible solutions to meet their demands. Even with the point that a purchase is made virtually or in-person, consumers start expecting enhanced personalization in the products and services offered.
Certainly, cybercrime is an established business today driven by innovation, to catch vulnerabilities that can be highly monetized. The high-level cyber risks from the technology marketplace are those which had the highest impact. It is one of the critical metrics used for calculating data risks.
Some of the key highlights from the study are –
- Nearly 93% of consumers are highly concerned about data security while filling out any online forms
- Almost 91% of online users indicated that brands requiring consumers to fill up web forms are exclusively responsible for protecting the data and information of consumers. This is regardless of the fact whether a third-party service handles the entire website, forms, or surveys.
- 49% said they would cut ties with an organization if a website attack or other breach exposed their private data
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