Consumers are deeply conflicted over data security and privacy priorities, but are still willing to share data with social networks.
This is according to a recent F5 Networks study, which revealed differing attitudes across Europe, the Middle East and Africa (EMEA) towards personal data use and protection from cyber terrorism.
The study surveyed over 7 000 consumers across the UK, Germany, France, Belgium, the United Arab Emirates, Saudi Arabia and Poland, exploring their attitudes towards data security and handling.
According to the study, sharing data with private companies left nearly three quarters (70%) of consumers concerned that their data would get into the wrong hands, followed closely by their privacy being compromised (64%).
The report also discovered that 72% of consumers have no confidence in social media brands and marketing companies' protection of their data, yet more users are sharing data on social media than ever before.
Also, 88% of consumers feel strongly that organisations should improve authentication for greater security.
Moreover, the study says a third (31%) of consumers see no value in giving their personal data to companies and over half (53%) were willing to share their date of birth, marital status (51%) and personal interests (50%) in return for using a company's services for free.
According to Direct Marketing Association (DMA), most consumers are not static in their views towards data exchange.
They can slide from greater anonymity to open data sharing depending on a range of variables -from the company requesting the information to the type of data collected, says DMA.
On the other hand, Columbia Business School report, says consumers are concerned that they are losing control over their personal data.
They understand that sharing data is a necessary part of doing business with many companies (e.g. opening a bank account), but they are making decisions about what they will share in exchange for getting back something of value, it adds.
This suggests consumers are interested in a more advanced and progressive culture of data exchange, says Columbia Business School.
DMA says brands need to capitalise on these positive trends and have the opportunity to take the lead by nurturing the growing pragmatism and help create a culture of data exchange that will benefit all.
According to Deloitte, the more data a business collects about its consumers and the more sensitive that data is, the greater the data's attractiveness to cyber criminals.
With businesses becoming more and more dependent on data to manage their operations, the risks of cyber crime can only get greater, it says.
Mike Convertino, CISO and VP, Information Security at F5 Networks, says there are clear differences in the type of companies that consumers trust with their data.
"Companies with a traditional focus on security, such as banks, are by far considered the most trustworthy, but interestingly we share the most information with social media channels despite the fact that we trust these companies the least to keep our data safe."
For consumers to keep sharing their personal data in the long term, companies need to offer better data security, says Convertino.
"As we all become more aware of the risks, it becomes even more important to get a security and data protection infrastructure - technology, education and processes - in place that is stringent enough to protect against threats, but does not harm the customer experience."
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