8 in 10 Consumers Worry Their Personal Info and Data Are Being Looked at Online

Eighty-one percent of consumers believe that data security is “very” or “extremely” important when it comes to sharing personal data online, according to “The Future of Authentication in Financial Services,” a PYMNTS and Entersekt collaboration based on survey responses from 2,719 American consumers.

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Fifty-two percent of the consumers said data security is “extremely” important, and another 28% said it’s “very” important.

chart, personal data online

A similar share of consumers — 79%, in fact — believe that some or all entities are interested in their personal data.

Twenty-four percent of consumers think all entities have a strong interest in their personal data, and 55% think some, but not all, do.

It’s no surprise, then, that so many consumers are concerned about data security.

Personal data online

Consumers are most comfortable sharing their information with individuals they do not know personally, service providers and charitable organizations. These entities were cited by 54%, 43% and 40%, respectively, of consumers.

Smaller shares of consumers are comfortable with sharing personal data online with retail merchants, individuals they know personally and credit card issues, with those entities being cited by 39%, 36% and 34%, respectively.

chart, sharing personal data online

As today’s connected consumers move more of their interactions with their financial services providers online and complete them via computer browsers or mobile devices, they are becoming increasingly concerned with the security of their personal data and are not always comfortable with how this data is shared with other entities.

PYMNTS’ research finds that feeling secure while transacting online is a key driver of consumers’ trust in financial services providers, as is a consistent user experience across different platforms.

When push comes to shove, however, most consumers value security over ease of use and convenience.

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