The world today has entered into a new era where consumers and enterprise alike have come to expect cyber attacks. However, as attacks become more severe with greater reach, a power shift is occurring among consumers who are losing trust in the enterprise and government to protect their privacy and data. Now, consumers are choosing to leverage their power and make choices based on their confidence in security.
Increased Attacks and Lack of Trust are Fueling the Revolution
The PwC survey conducted in 2017 measuring consumer perceptions around cybersecurity and privacy risks demonstrates that a revolution is upon us and the findings are telling:
- Just 25% of respondents believe most companies handle their sensitive personal data responsibly. Even fewer—only 15%—think companies will use that data to improve their lives.
- Only 10% of consumers feel they have complete control over their personal information.
- 88% of respondents say the amount of data they share with a company depends on how much they trust it.
So how could this revolution impact you? Manufacturers and enterprises serving these consumers will pay the ultimate price as 85% of respondents surveyed say they will not do business with a company if they have concerns about its security practices.
I’ve said it before and I’ll say it again: today’s manufacturers and enterprises can no longer afford apathy and lip service when it comes to cybersecurity. It needs to be in the forefront of your business strategy, which should include adopting and implementing proven security tactics that address consumer concerns to gain their loyalty. This applies to mobile, but especially IoT.
At Cog, we firmly believe that the world’s connected and IoT devices can be secured by leveraging virtualization at the architecture level . This is the only way to engineer tomorrow’s connected marketplace to deliver security and productivity.