Despite the risk of losing consumer trust as well as revenue, many businesses have continued to sell personally identifiable information (PII) for money.
Sharing consumer data with other organizations is the most common practice in industries such as financial services, healthcare, IT, and media, according to a study from CA technologies.
In the survey, more than 40% of business leaders admitted that they sell consumer data. However, only 15% of security officials surveyed stated that they were aware of the sale.
Consumers, meanwhile, are warning that they will abandon the service provider if they ever come to know of the data sale.
Many business leaders seem to be unaware that an increasing number of consumers are suspecting them. Around 75% of business executive claimed that consumers trust them, while only 61% of consumers said they trust.
Nearly 48% of consumers stated that when personal data is lost in a data breach, they will view the incident as a breach of their trust and stop using the online service.
In the United States, France, and India, more than half of those who at one point used a service stopped after news of a data breach surfaced, the report noted.
Those who value consumer trust have increased online spending over the past 12 months. “Those with the highest levels of digital trust increased their net spending online significantly more compared to those with the lowest,” according to the report.
However, it is certain that consumers are losing control of their data.