Quick Study: Security, Privacy Concerns Impact Consumer Choices; High-Profile Brands Have Low Market Value Problems

â–¶ Privacy and Security Affecting Reputation: A new Edelman study, “Privacy & Security: The New Drivers of Brand, Reputation and Action Global Insights 2012,” finds that concerns about data security and privacy are impacting what people buy and which companies they do business with. In fact, 70% of people are more concerned about privacy than they were five years ago and 68% feel they have lost control over how their information is shared and used by businesses. Other key findings from the study include: • Nearly half (46%) of those surveyed report leaving or avoiding companies that have suffered a security breach. • The potential for customers to jump ship increases for companies that don’t inspire brand loyalty, with 70% saying they would switch providers after such an event. • While 92% of people globally consider data security and privacy important in the financial industry, just 69% trust financial institutions to adequately protect their personal information—a 23 point gap.

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