According to a report by the DMA and Acxiom, learning about the details of the GDPR will lead to a majority of people having greater confidence in sharing data with companies and organizations.
In fact, 62% of the 1,000 respondents said that this was the case. The survey participants were shown new GDPR laws became enforceable on 25th May and were asked to indicate how much each mattered to them personally.
It was revealed that the aspect of the law that mattered a lot to 74% of people was that they must be told about a possible data loss when an organization is hacked and personal information could have been stolen.
Seventy per cent of respondents said that the ability to ask an organization that holds information about them to delete it all, and the organization having to comply immediately (unless there is a need to store it for legal reasons) also mattered a lot.
Curiously, an aspect of the law that has had a lot of coverage, and arguably brought GDPR to the attention of the C-suite, the possibility of financial sanctions of £20 million or 4% of global turnover, was only a high priority for a little over 50% of respondents. This is, on the other hand, a big concern for businesses.
According to a different survey from December 2017, 54% of UK companies expect to experience a data breach in the next 12 months and only 48% of UK business believe they could withstand a subsequent fine.
The authors of the DMA Acxiom report said that the findings suggest that GDPR will have a genuine impact on consumers by responding to their underlying desires for control and transparency. They write: “The new regulations have the potential to shift consumer attitudes in a way that is favourable to the industry by providing consumers with the reassurances they need to feel optimally comfortable about the data sharing they undertake in their daily lives.”
The report also looked at the willingness of UK consumers to pay for services or get them for free in exchange for their data. Thirty-six per cent of respondents said they would prefer to pay for digital services such as email and social media. In a similar vein, a report from April 2017 in the US found that 31% of US adults would be unwilling to share their personal data for any benefit.
The authors stated that, for marketers, a key takeaway of these results points to a future where overall trust and transparency can be strengthened, as long as consumers are fully aware of the GDPR practices that are coming into action.
To contact the GDPR Advisory Board please visit: www.gdpr-board.co.uk
Source: Cyber Security Intelligence