As consumers become more careful about sharing data, and regulators step up privacy requirements, leading companies are learning that data protection and privacy can create a business advantage.
To find out what consumers think about the privacy and collection of data, McKinsey conducted a survey of 1,000 North American consumers. To determine their views on data collection, hacks and breaches, regulations, communications, and particular industries, we asked them pointed questions about their trust in the businesses they patronize.
Our research revealed that our sample of consumers simply do not trust companies to handle their data and protect their privacy. Companies can therefore differentiate themselves by taking deliberate, positive measures in this domain. In our experience, consumers respond to companies that treat their personal data as carefully as they do themselves.
The consumer-data opportunity and the privacy imperative by Venky Anant, Lisa Donchak, James Kaplan, and Henning Soller at McKinsey and Company.