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Data misuse occurs
when consumers are
unpleasantly surprised that
data about them has been
collected or that it has
been used in new ways...
...and perceive such
practices to be
potentially harmful…
...and feel that the
company should not
engage in them.
Source: BCG.
D ATA M I S U S E
!0101010
1
0
0101
10
0101010
1010101
Data Misuse Is a Hidden Landmine for Companies
The trillion-dollar big data opportunity is at stake
20% of US Consumers Have Perceived a Data Misuse
Over the next five years, the number of affected consumers could more than double
Source: BCG Big Data and Trust Consumer Survey of more than 8,000 consumers in France, Germany, Italy, Spain, the UK, and the US, conducted in November and
December 2015.
NOW THE FUTURE
We predict that the number of
consumers who perceive a data misuse
will dramatically increase over
the coming years as a result of rising
press coverage and exploding
social media use.
Directly affected Indirectly affected
Data Misuse Has a High Cost
Misuse costs companies one-third of revenue from affected US customers in the first year
20%of
consumers
are affected
by data
misuse
YEAR 1
YEAR 1
YEAR 2
33%
6%
indirectlyaffected
30%
13%
Y2
SPENDING
DROP
SPENDING
DROP
SPENDING DROP
Source: BCG Big Data and Trust Consumer Survey 2015.
Note: The drop in spending reflects the share of company revenue at the time of a data misuse that is subsequently lost.
10%
8%
6%
3%
YEAR 2
In Year 2,
overall
company
revenue falls
3%-5%
In Year 1,
overall
company
revenue falls
5%-8%
14%SPENDING
DROP
14%
directlyaffected
17%
13%
18%
15%
Drop among consumers who stop spending Drop among consumers who reduce spending
Data Misuse Causes Similar Economic Damage in the US and Europe
European consumers have a slightly harsher reaction to data misuse than those in the US
US Europe
Year 1Time of misuse
Time of misuse
Time of misuse
Time of misuse
Year 2
After
2 years
Spendingreduction(%)
DIRECTLY AFFECTED
Spendingreduction(%)
INDIRECTLY AFFECTED
DIRECTLY AFFECTED
INDIRECTLY AFFECTED
…stopped spending …reduced spendingTotal original revenue lost because consumers...
Year 1 Year 2
After
2 years
Spendingreduction(%)Spendingreduction(%)
10
20
30
Source: BCG Big Data and Trust Consumer Survey 2015.
10
20
30
Year 1 Year 2
After
2 years
10
20
30
Year 1 Year 2
After
2 years
10
20
30
% WHO CONSIDER THE DATA TYPE MODERATELY OR EXTREMELY PRIVATE
Source: BCG Big Data and Trust Consumer Survey 2015.
Note: Survey question: “How private do you consider the following types of personal data? Answer using a scale from 1 to 5, where 1 means ‘Not at all private’
and 5 means ‘Extremely private.’”
DATA TYPE
Credit card
Financial information
Tax information
Information about children
Health or genetic information
Information about spouse
Exact location
Dialed phone numbers
E-mail
Surfing history
Planned purchases
Important dates
Purchase history
Social network activity
Media usage
Products viewed online
Name
Interests
Age and gender
Brand preferences
Frustrations with products
30100 70 905020 40 60 80 100
ITALY UK US SPAIN FRANCE GERMANY
84 79 79 81 89 85
86
83
77
77
78
67
76
48
66
47
55
52
53
50
42
40
43
37
34
32
87
83
81
78
78
67
77
54
64
44
48
53
54
42
39
46
32
31
22
32
79
72
75
71
69
58
66
45
52
41
43
40
43
38
32
32
47
29
22
32
78
77
70
67
63
59
58
53
47
45
44
43
40
35
32
32
30
30
23
22
78
72
70
65
59
54
60
50
48
46
45
42
38
35
33
26
29
29
24
26
83
70
74
68
67
46
65
42
50
33
34
32
40
32
26
28
32
22
15
25
Consumers Are Sensitive to Data Misuse in Both the US and Europe
Financial, family, and health data are considered the most important to safeguard
Consumer Concern Varies Widely by Industry
Uses by financial, technology, and government organizations elicit the most concern
Source: BCG Big Data and Trust Consumer Survey 2015.
Note: Survey question: “Are you concerned about any of the following types of companies or organizations sharing your private data? Identify those you are
concerned about.”
SPAIN US FRANCE
GERMANY UK ITALY
1.0
1.1
1.1
1.2
1.2
1.2
1.5
1.6
1.9
2.7
2.6
2.1
2.1
2.1
1.9
0.9
1.0
1.1
1.1
1.2
1.2
1.5
1.6
1.7
2.4
2.4
2.3
1.9
1.9
1.8
0.8
0.9
0.9
1.0
1.0
1.0
1.2
1.4
1.5
2.0
1.7
1.6
1.6
1.5
1.5
0.4
0.4
0.4
0.4
0.6
0.7
1.0
1.1
1.3
1.9
1.8
1.7
1.7
1.6
1.6
0.6
0.7
0.8
0.8
0.9
1.0
1.1
1.3
1.4
2.4
2.3
1.7
1.6
1.5
1.5
0.8
0.9
0.9
1.0
1.2
1.2
1.3
1.3
1.4
2.2
2.1
2.0
2.0
1.8
1.6
Credit card
Media Retail store Cable Loyalty program Airline/hotel Branded manufacturing Car manufacturing
Social media Government Banking Search engine Online retail Health insurance Mobile phone
INDEXED LEVEL OF CONCERN (1.0 = 25% OF CONSUMERS EXPRESS CONCERN ABOUT AN INDUSTRY)
All US Age Groups Are Concerned About Sharing Personal Data Online
Concern is increasing at the fastest rate among younger millennials
Sources: BCG Global Consumer Sentiment Survey 2013 and BCG Big Data and Trust Consumer Survey 2015.
Note: Survey question: “How much do you agree or disagree with the following statement: ‘You have to be cautious about sharing personal information
online’? Answer using a scale from 1 to 5, where 1 means ‘Strongly disagree’ and 5 means ‘Strongly agree.’” The chart shows respondents who answered 4
(“Agree”) or 5 (“Strongly agree”).
71
Younger millennials
(18–24)
Older millennials
(25–34)
Gen-Xers
(35–49)
Baby boomers
(50–69)
Silvers
(70–74)
79 81 81 84
Millennials Nonmillennials
2013 2015
% OF CONSUMERS WHO AGREE THAT THEY HAVE TO BE CAUTIOUS ABOUT SHARING PERSONAL
INFORMATION ONLINE
+1
+5 +5
86% (2015 average)
83% (2013 average)
+0
85 87 92 86 91
+8
Consumers Are Primed to Suspect Data Misuse
Distrust is high among those in the US and Europe
Source: BCG Big Data and Trust Consumer Survey 2015.
Note: Survey question: “How much do you agree or disagree with each of the following statements? Answer using a scale from 1 to 10, where 1 means ‘Do not
agree at all’ and 10 means ‘Agree completely.’” The charts show respondents who answered 8, 9, or 10 to the following survey prompts: “Companies don’t tell
you how they really use the personal data they collect” (left) and “I trust companies and organizations to do the right thing with the data they collect” (right).
% OF CONSUMERS WHO THINK COMPANIES
AREN’T BEING HONEST ABOUT DATA USE
% OF CONSUMERS WHO TRUST COMPANIES TO
DO THE RIGHT THING WITH PERSONAL DATA
SPAIN UK GERMANY US ITALY
62
57
53 51
48 48
FRANCE ITALY SPAIN UK US GERMANY FRANCE
25 24 22 21 18
14
Distrust Drastically Limits Access to Consumer Data
Consumers offer much less data about themselves when they do not trust a company
% OF CONSUMERS WHO WOULD ALLOW A COMPANY THAT THEY DO NOT TRUST TO USE DATA ABOUT THEM
Source: BCG Big Data and Trust Consumer Survey 2015.
Note: Survey question: “How much do you agree or disagree with each of the following statements? Answer using a scale from 1 to 10, where 1 means ‘Do not
agree at all’ and 10 means ‘Agree completely.’” The charts show respondents who answered 8, 9, or 10 (likely to allow); 4, 5, 6, or 7 (neutral); and 1, 2, or 3
(unlikely to allow).
Likely to allow Unlikely to allowNeutral
SPAINUS
6
15
79
6
18
76
6
19
75
7
18
75
FRANCE ITALY UK GERMANY
8
18
74
7
22
71
Generating Trust Increases Access to Data by at Least Five Times
Trust continues to unlock access to consumer data
Sources: BCG Global Consumer Sentiment Survey 2013 and BCG Big Data and Trust Consumer Survey 2015.
Note: The exhibit shows survey responses that are comparable for the purposes of demonstrating the effect of trust on consumers’ willingness to share personal
data. Survey question (green): “If I had the ability to prevent the harmful uses of data, I would be more willing to let companies use data about me.” Included are
the responses “Agree” or “Strongly agree”—that is, those consumers who are willing to share data when they can trust that the potential harm will be mitigated.
Survey question (red): “Data should be used by a company only for the purpose for which it was collected.” Included are the responses “Disagree” or “Strongly
disagree”—that is, those consumers who are willing to share data even when they cannot trust the data will not be used in contexts in which it could cause harm.
% OF CONSUMERS WHO WOULD BE WILLING TO ALLOW COMPANIES TO USE DATA ABOUT THEM
With trust Without trust
SPAIN UK GERMANY US ITALY SPAIN UK US GERMANYFRANCEFRANCE ITALY
2013 2015
72
66 66
53
68
60 58 57 55
50
59 57
62
3
+59
7
58
3
+51
3 4 2 44 3 5
108 6 77
But Data Stewardship Is Critically Flawed at Many Companies
Consumer expectations are disconnected from company practices
Data use and
collection practices
COMPANIESCONSUMERS
Transparency about
current practices
Notifications and permissions
for new data uses
Internal policies
and procedures
0101
0101010
0101010
1010101
010
010
101
01010
10
1010101010
01010101
101
Source: BCG.
Consumers Don’t Understand How Companies Actually Use Data
Consumers overestimate how often third parties use personal data
COMPANIES USE PERSONAL DATA TO MARKET
PRODUCTS AND SERVICES FROM OTHER COMPANIES
COMPANIES ALLOW OTHER COMPANIES TO
USE DATA ANONYMOUSLY
COMPANIES ALLOW OTHER COMPANIES TO
USE DATA LINKED TO A NAME
% of companies that use data in the ways above
% of consumers who believe companies engage with third parties in these ways
Sources: BCG Big Data and Trust Consumer Survey 2015 and BCG Big Data and Trust Company Survey 2015. The 2015 Company Survey surveyed 140
companies in eight industries.
Note: Survey questions: “How does your company use this customer data?” and “How do you believe these companies use your personal data?”
∆5 percentage points
∆10 percentage points
∆15 percentage points
4 19
2111
21 26
Companies Are Being Recklessly Conservative About Data Usage
Companies are failing to use data for new purposes that are acceptable to consumers
Sources: BCG Big Data and Trust Consumer Survey 2015 and BCG Big Data and Trust Company Survey 2015.
Note: Survey questions: “For each of these new uses, what do you believe your company must do to gain customer consent to use the data?” and “Which
approval should an organization have from you for the following uses?”
TYPE
OF
USE
Internal
improvement
Personalization
of offers
Marketing of products
from third parties
Anonymous use
by third parties
Nonanonymous
use by third parties
% who believe companies can use consumer data for the stated purpose if consumers are properly engaged
% who believe companies cannot use consumer data for the stated purpose regardless of consumer engagement
88
12
92
Consumers
Companies
8
80
20
90
10
Consumers
Companies 80
20
50
50
Consumers
Companies
73
27
39
61
Consumers
Companies
54
46
79
21
Consumers
Companies
–34
–25–30
–10
–4
Companies Are Not Being Transparent with Consumers About Data Use
They are recklessly disregarding the notifications and permissions that consumers want
Sources: BCG Big Data and Trust Consumer Survey 2015 and BCG Big Data and Trust Company Survey 2015.
Note: Survey questions: “For each of these new uses, what do you believe your company must do to gain customer consent to use the data?” and “Which
approval should an organization have from you for the following uses?”
44
56
60
40
94
6
94
6
68
32
74
26
60
40
93
7
88
12
85
Consumers
Companies
Consumers
Companies
Consumers
Companies
Consumers
Companies
Consumers
Companies
15
% who believe companies should use opt-in or opt-out permission, notification, or payment to engage
consumers before using data for the stated purpose
% who believe companies do not need to take any action before using data for the stated purpose
Internal
improvement
Personalization
of offers
Marketing of products
from third parties
Anonymous use
by third parties
Nonanonymous
use by third parties
–20
–33
–26
–28
–41
TYPE
OF
USE
Companies Are Failing to Properly Engage Their Customers
Companies overwhelmingly rely on “pull” rather than “push” communication methods
PULL
COMMUNICATION
METHODS
Source: BCG Big Data and Trust Company Survey 2015.
Note: Survey questions: “With regard to communicating your company’s privacy policies to customers, which of the following statements are true?”; “With
regard to engaging with customers about the data your company holds about them, which of the following statements are true?”; and “With regard to engaging
with customers about how you use their data, which of the following statements are true?”
PUSH
COMMUNICATION
METHODS
% OF COMPANIES
MAKING THEIR PRIVACY
POLICIES AVAILABLE
% OF COMPANIES
EXPLAINING CUSTOMER
DATA THEY HOLD
% OF COMPANIES
EXPLAINING HOW THEY
USE CUSTOMER DATA
If contacted by
customer
Available on
website
Through
regular letters
Through
regular e-mails
Through
update letters
Through
update e-mails
Does not
apply/not
available
@
@
62
0
0
16
15
14 38 33
8 6
6 5
0
0
8
4
2420
41 44 49
REASONS RESPONDENTS DO NOT READ PRIVACY POLICIES
Too long/complex Too much legal
language
Don’t believe
companies are
honest
No time to keep
up with policies
Don’t understand
the policies
Privacy policies
change too often
Have no control
so don’t bother
Don’t know where
to find privacy
policies
Don’t know that
privacy policies
are public
Don’t care how
personal data
is used
Other
66% 52% 34% 33%
9% 6% 3% 2%
26% 23% 16%
If offered a “short, clear, and
easy-to-understand” synopsis of
the full privacy policy,
56%of consumers would do more
business with a company.
Source: BCG Big Data and Trust Consumer Survey 2015.
Note: Survey questions: “What are the major reasons you tend not to read these privacy policies?” and “If a company whose services or products you use were to
offer a short, clear, and easy-to-understand policy regarding how it uses your personal data, how much would this influence you to do business with that company?”
Consumers Do Not Read Privacy Policies
Plain-language versions of privacy documents can increase consumer spending
A Knowledge Gap Exists Between Companies and Consumers
Companies think that more consumers understand data stewardship practices as really do
% OF CONSUMERS WHOM COMPANIES THINK
UNDERSTAND DATA STEWARDSHIP PRACTICES
% OF CONSUMERS WHO SAY THEY UNDERSTAND
COMPANY DATA STEWARDSHIP PRACTICES
Sources: BCG Big Data and Trust Consumer Survey 2015 and BCG Big Data and Trust Company Survey 2015.
Note: Survey questions: “Are you aware of the privacy policies that describe how the companies you deal with treat your consumer data?”; “Have you read the
privacy policies of the companies you deal with?”; “Do the companies you deal with list (online or in paper form) the data they collect about you?”; “Do you
know which private data the companies you deal with have access to?”; and “To the best of your knowledge, what percentage of your customers are aware of
your privacy policy, the data your company holds about them, how your company uses the data you hold, and new uses of data?”
40
20
15
10
40
36
30
24
Are aware
of a privacy
policy
Are aware
of the data
a company
holds
Are aware
of how data
is used
Are aware
of new uses
of data
Are aware
of a privacy
policy
Have read a
privacy
policy
Are aware
of the types
of collected
data
Understand
the data a
company has
access to
No
Don’t know
Yes
EXISTENCE OF AND RESPONSIBILITY FOR PRIVACY POLICIES BY INDUSTRY (%)
Source: BCG Big Data and Trust Company Survey 2015.
Note: Survey questions: “Has your company established a privacy policy that explains how you collect, manage, and use customer data?” and “Who has been
responsible for determining the privacy policy?”
Few Companies Have Senior-Executive-Level Oversight of Privacy Policies
Responsibility is vested in IT and legal instead
FINANCIAL INSTITUTION
HEALTH CARE TECHNOLOGY, MEDIA,
AND TELECOM
COMPANIES THAT
SELF-IDENTIFY AS
“BEST IN CLASS”
CONSUMER
Does your company have
a privacy policy?
C-suite / line executives
IT / legal / privacy office
Other
If yes, who is responsible
for this privacy policy?
INSURANCEOVERALL
16
8
76
22
73
5
24
12
64
19
75
6
6
94
19
75
6
17
11
72
23
77
0
4
14
82
22
72
6
12
16
72
28
67
5
27
91
28
65
7
Source: BCG Big Data and Trust Company Survey 2015.
Note: Survey questions: “Has your company established a set of guiding principles for how to use customer data that are separate and distinct from the
privacy policy?” and “Who has been responsible for determining the guiding principles?”
Few Companies Have Guiding Principles for Data Privacy
Senior executives must be actively involved in developing internal best practices but often are not
EXISTENCE OF AND RESPONSIBILITY FOR GUIDING PRINCIPLES BY INDUSTRY (%)
No
Don’t know
Yes
FINANCIAL INSTITUTION
HEALTH CARE TECHNOLOGY, MEDIA,
AND TELECOM
COMPANIES THAT
SELF-IDENTIFY AS
“BEST IN CLASS”
CONSUMER
Does your company have
guiding principles separate
from a privacy policy?
C-suite / line executives
IT / legal / privacy office
Other
If yes, who is responsible for
these guiding principles?
INSURANCEOVERALL
34
12
54
34
59
7
16
48
42
50
8
6
76
23
69
8
39
11
50
45
44
11
9
36 36
55
33
67
0
16
7
77
41
53
6
18
36
16
48
42
50
8
Companies Don’t Know If Consumers Trust Them
And they may not deserve that trust because of weak internal enforcement mechanisms
Source: BCG Big Data and Trust Company Survey 2015.
Note: Survey questions: “With regard to your company’s approach to measuring customer trust, which of the following statements are true?” and “With regard
to your company’s approach to ensuring compliance with its privacy rules, which of the following statements are true?”
% OF COMPANIES THAT MEASURE CONSUMER
TRUST THROUGH THE FOLLOWING ACTIVITIES
% OF COMPANIES THAT ENFORCE DATA PRIVACY
THROUGH THE FOLLOWING ACTIVITIES
Assess
indirectly
through
market
research
Assess
indirectly
through
repeat
business
Doesn’t
apply/
do not
measure
trust
Have tried
to measure
but don’t
do it
regularly
Publish
trust
metrics
Have
trust
metrics
Strongest mechanism Weakest mechanism
Create
access-
based
protocols
Create
training
programs
Create/
enforce
rules
after
the fact
Assess
risk
annually
Monitor
in real
time
Other Doesn’t
apply/no
system
in place
Strongest mechanism Weakest mechanism

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Bridging the Trust Gap: Data Misuse and Stewardship by the Numbers

  • 1. Data misuse occurs when consumers are unpleasantly surprised that data about them has been collected or that it has been used in new ways... ...and perceive such practices to be potentially harmful… ...and feel that the company should not engage in them. Source: BCG. D ATA M I S U S E !0101010 1 0 0101 10 0101010 1010101 Data Misuse Is a Hidden Landmine for Companies The trillion-dollar big data opportunity is at stake
  • 2. 20% of US Consumers Have Perceived a Data Misuse Over the next five years, the number of affected consumers could more than double Source: BCG Big Data and Trust Consumer Survey of more than 8,000 consumers in France, Germany, Italy, Spain, the UK, and the US, conducted in November and December 2015. NOW THE FUTURE We predict that the number of consumers who perceive a data misuse will dramatically increase over the coming years as a result of rising press coverage and exploding social media use. Directly affected Indirectly affected
  • 3. Data Misuse Has a High Cost Misuse costs companies one-third of revenue from affected US customers in the first year 20%of consumers are affected by data misuse YEAR 1 YEAR 1 YEAR 2 33% 6% indirectlyaffected 30% 13% Y2 SPENDING DROP SPENDING DROP SPENDING DROP Source: BCG Big Data and Trust Consumer Survey 2015. Note: The drop in spending reflects the share of company revenue at the time of a data misuse that is subsequently lost. 10% 8% 6% 3% YEAR 2 In Year 2, overall company revenue falls 3%-5% In Year 1, overall company revenue falls 5%-8% 14%SPENDING DROP 14% directlyaffected 17% 13% 18% 15% Drop among consumers who stop spending Drop among consumers who reduce spending
  • 4. Data Misuse Causes Similar Economic Damage in the US and Europe European consumers have a slightly harsher reaction to data misuse than those in the US US Europe Year 1Time of misuse Time of misuse Time of misuse Time of misuse Year 2 After 2 years Spendingreduction(%) DIRECTLY AFFECTED Spendingreduction(%) INDIRECTLY AFFECTED DIRECTLY AFFECTED INDIRECTLY AFFECTED …stopped spending …reduced spendingTotal original revenue lost because consumers... Year 1 Year 2 After 2 years Spendingreduction(%)Spendingreduction(%) 10 20 30 Source: BCG Big Data and Trust Consumer Survey 2015. 10 20 30 Year 1 Year 2 After 2 years 10 20 30 Year 1 Year 2 After 2 years 10 20 30
  • 5. % WHO CONSIDER THE DATA TYPE MODERATELY OR EXTREMELY PRIVATE Source: BCG Big Data and Trust Consumer Survey 2015. Note: Survey question: “How private do you consider the following types of personal data? Answer using a scale from 1 to 5, where 1 means ‘Not at all private’ and 5 means ‘Extremely private.’” DATA TYPE Credit card Financial information Tax information Information about children Health or genetic information Information about spouse Exact location Dialed phone numbers E-mail Surfing history Planned purchases Important dates Purchase history Social network activity Media usage Products viewed online Name Interests Age and gender Brand preferences Frustrations with products 30100 70 905020 40 60 80 100 ITALY UK US SPAIN FRANCE GERMANY 84 79 79 81 89 85 86 83 77 77 78 67 76 48 66 47 55 52 53 50 42 40 43 37 34 32 87 83 81 78 78 67 77 54 64 44 48 53 54 42 39 46 32 31 22 32 79 72 75 71 69 58 66 45 52 41 43 40 43 38 32 32 47 29 22 32 78 77 70 67 63 59 58 53 47 45 44 43 40 35 32 32 30 30 23 22 78 72 70 65 59 54 60 50 48 46 45 42 38 35 33 26 29 29 24 26 83 70 74 68 67 46 65 42 50 33 34 32 40 32 26 28 32 22 15 25 Consumers Are Sensitive to Data Misuse in Both the US and Europe Financial, family, and health data are considered the most important to safeguard
  • 6. Consumer Concern Varies Widely by Industry Uses by financial, technology, and government organizations elicit the most concern Source: BCG Big Data and Trust Consumer Survey 2015. Note: Survey question: “Are you concerned about any of the following types of companies or organizations sharing your private data? Identify those you are concerned about.” SPAIN US FRANCE GERMANY UK ITALY 1.0 1.1 1.1 1.2 1.2 1.2 1.5 1.6 1.9 2.7 2.6 2.1 2.1 2.1 1.9 0.9 1.0 1.1 1.1 1.2 1.2 1.5 1.6 1.7 2.4 2.4 2.3 1.9 1.9 1.8 0.8 0.9 0.9 1.0 1.0 1.0 1.2 1.4 1.5 2.0 1.7 1.6 1.6 1.5 1.5 0.4 0.4 0.4 0.4 0.6 0.7 1.0 1.1 1.3 1.9 1.8 1.7 1.7 1.6 1.6 0.6 0.7 0.8 0.8 0.9 1.0 1.1 1.3 1.4 2.4 2.3 1.7 1.6 1.5 1.5 0.8 0.9 0.9 1.0 1.2 1.2 1.3 1.3 1.4 2.2 2.1 2.0 2.0 1.8 1.6 Credit card Media Retail store Cable Loyalty program Airline/hotel Branded manufacturing Car manufacturing Social media Government Banking Search engine Online retail Health insurance Mobile phone INDEXED LEVEL OF CONCERN (1.0 = 25% OF CONSUMERS EXPRESS CONCERN ABOUT AN INDUSTRY)
  • 7. All US Age Groups Are Concerned About Sharing Personal Data Online Concern is increasing at the fastest rate among younger millennials Sources: BCG Global Consumer Sentiment Survey 2013 and BCG Big Data and Trust Consumer Survey 2015. Note: Survey question: “How much do you agree or disagree with the following statement: ‘You have to be cautious about sharing personal information online’? Answer using a scale from 1 to 5, where 1 means ‘Strongly disagree’ and 5 means ‘Strongly agree.’” The chart shows respondents who answered 4 (“Agree”) or 5 (“Strongly agree”). 71 Younger millennials (18–24) Older millennials (25–34) Gen-Xers (35–49) Baby boomers (50–69) Silvers (70–74) 79 81 81 84 Millennials Nonmillennials 2013 2015 % OF CONSUMERS WHO AGREE THAT THEY HAVE TO BE CAUTIOUS ABOUT SHARING PERSONAL INFORMATION ONLINE +1 +5 +5 86% (2015 average) 83% (2013 average) +0 85 87 92 86 91 +8
  • 8. Consumers Are Primed to Suspect Data Misuse Distrust is high among those in the US and Europe Source: BCG Big Data and Trust Consumer Survey 2015. Note: Survey question: “How much do you agree or disagree with each of the following statements? Answer using a scale from 1 to 10, where 1 means ‘Do not agree at all’ and 10 means ‘Agree completely.’” The charts show respondents who answered 8, 9, or 10 to the following survey prompts: “Companies don’t tell you how they really use the personal data they collect” (left) and “I trust companies and organizations to do the right thing with the data they collect” (right). % OF CONSUMERS WHO THINK COMPANIES AREN’T BEING HONEST ABOUT DATA USE % OF CONSUMERS WHO TRUST COMPANIES TO DO THE RIGHT THING WITH PERSONAL DATA SPAIN UK GERMANY US ITALY 62 57 53 51 48 48 FRANCE ITALY SPAIN UK US GERMANY FRANCE 25 24 22 21 18 14
  • 9. Distrust Drastically Limits Access to Consumer Data Consumers offer much less data about themselves when they do not trust a company % OF CONSUMERS WHO WOULD ALLOW A COMPANY THAT THEY DO NOT TRUST TO USE DATA ABOUT THEM Source: BCG Big Data and Trust Consumer Survey 2015. Note: Survey question: “How much do you agree or disagree with each of the following statements? Answer using a scale from 1 to 10, where 1 means ‘Do not agree at all’ and 10 means ‘Agree completely.’” The charts show respondents who answered 8, 9, or 10 (likely to allow); 4, 5, 6, or 7 (neutral); and 1, 2, or 3 (unlikely to allow). Likely to allow Unlikely to allowNeutral SPAINUS 6 15 79 6 18 76 6 19 75 7 18 75 FRANCE ITALY UK GERMANY 8 18 74 7 22 71
  • 10. Generating Trust Increases Access to Data by at Least Five Times Trust continues to unlock access to consumer data Sources: BCG Global Consumer Sentiment Survey 2013 and BCG Big Data and Trust Consumer Survey 2015. Note: The exhibit shows survey responses that are comparable for the purposes of demonstrating the effect of trust on consumers’ willingness to share personal data. Survey question (green): “If I had the ability to prevent the harmful uses of data, I would be more willing to let companies use data about me.” Included are the responses “Agree” or “Strongly agree”—that is, those consumers who are willing to share data when they can trust that the potential harm will be mitigated. Survey question (red): “Data should be used by a company only for the purpose for which it was collected.” Included are the responses “Disagree” or “Strongly disagree”—that is, those consumers who are willing to share data even when they cannot trust the data will not be used in contexts in which it could cause harm. % OF CONSUMERS WHO WOULD BE WILLING TO ALLOW COMPANIES TO USE DATA ABOUT THEM With trust Without trust SPAIN UK GERMANY US ITALY SPAIN UK US GERMANYFRANCEFRANCE ITALY 2013 2015 72 66 66 53 68 60 58 57 55 50 59 57 62 3 +59 7 58 3 +51 3 4 2 44 3 5 108 6 77
  • 11. But Data Stewardship Is Critically Flawed at Many Companies Consumer expectations are disconnected from company practices Data use and collection practices COMPANIESCONSUMERS Transparency about current practices Notifications and permissions for new data uses Internal policies and procedures 0101 0101010 0101010 1010101 010 010 101 01010 10 1010101010 01010101 101 Source: BCG.
  • 12. Consumers Don’t Understand How Companies Actually Use Data Consumers overestimate how often third parties use personal data COMPANIES USE PERSONAL DATA TO MARKET PRODUCTS AND SERVICES FROM OTHER COMPANIES COMPANIES ALLOW OTHER COMPANIES TO USE DATA ANONYMOUSLY COMPANIES ALLOW OTHER COMPANIES TO USE DATA LINKED TO A NAME % of companies that use data in the ways above % of consumers who believe companies engage with third parties in these ways Sources: BCG Big Data and Trust Consumer Survey 2015 and BCG Big Data and Trust Company Survey 2015. The 2015 Company Survey surveyed 140 companies in eight industries. Note: Survey questions: “How does your company use this customer data?” and “How do you believe these companies use your personal data?” ∆5 percentage points ∆10 percentage points ∆15 percentage points 4 19 2111 21 26
  • 13. Companies Are Being Recklessly Conservative About Data Usage Companies are failing to use data for new purposes that are acceptable to consumers Sources: BCG Big Data and Trust Consumer Survey 2015 and BCG Big Data and Trust Company Survey 2015. Note: Survey questions: “For each of these new uses, what do you believe your company must do to gain customer consent to use the data?” and “Which approval should an organization have from you for the following uses?” TYPE OF USE Internal improvement Personalization of offers Marketing of products from third parties Anonymous use by third parties Nonanonymous use by third parties % who believe companies can use consumer data for the stated purpose if consumers are properly engaged % who believe companies cannot use consumer data for the stated purpose regardless of consumer engagement 88 12 92 Consumers Companies 8 80 20 90 10 Consumers Companies 80 20 50 50 Consumers Companies 73 27 39 61 Consumers Companies 54 46 79 21 Consumers Companies –34 –25–30 –10 –4
  • 14. Companies Are Not Being Transparent with Consumers About Data Use They are recklessly disregarding the notifications and permissions that consumers want Sources: BCG Big Data and Trust Consumer Survey 2015 and BCG Big Data and Trust Company Survey 2015. Note: Survey questions: “For each of these new uses, what do you believe your company must do to gain customer consent to use the data?” and “Which approval should an organization have from you for the following uses?” 44 56 60 40 94 6 94 6 68 32 74 26 60 40 93 7 88 12 85 Consumers Companies Consumers Companies Consumers Companies Consumers Companies Consumers Companies 15 % who believe companies should use opt-in or opt-out permission, notification, or payment to engage consumers before using data for the stated purpose % who believe companies do not need to take any action before using data for the stated purpose Internal improvement Personalization of offers Marketing of products from third parties Anonymous use by third parties Nonanonymous use by third parties –20 –33 –26 –28 –41 TYPE OF USE
  • 15. Companies Are Failing to Properly Engage Their Customers Companies overwhelmingly rely on “pull” rather than “push” communication methods PULL COMMUNICATION METHODS Source: BCG Big Data and Trust Company Survey 2015. Note: Survey questions: “With regard to communicating your company’s privacy policies to customers, which of the following statements are true?”; “With regard to engaging with customers about the data your company holds about them, which of the following statements are true?”; and “With regard to engaging with customers about how you use their data, which of the following statements are true?” PUSH COMMUNICATION METHODS % OF COMPANIES MAKING THEIR PRIVACY POLICIES AVAILABLE % OF COMPANIES EXPLAINING CUSTOMER DATA THEY HOLD % OF COMPANIES EXPLAINING HOW THEY USE CUSTOMER DATA If contacted by customer Available on website Through regular letters Through regular e-mails Through update letters Through update e-mails Does not apply/not available @ @ 62 0 0 16 15 14 38 33 8 6 6 5 0 0 8 4 2420 41 44 49
  • 16. REASONS RESPONDENTS DO NOT READ PRIVACY POLICIES Too long/complex Too much legal language Don’t believe companies are honest No time to keep up with policies Don’t understand the policies Privacy policies change too often Have no control so don’t bother Don’t know where to find privacy policies Don’t know that privacy policies are public Don’t care how personal data is used Other 66% 52% 34% 33% 9% 6% 3% 2% 26% 23% 16% If offered a “short, clear, and easy-to-understand” synopsis of the full privacy policy, 56%of consumers would do more business with a company. Source: BCG Big Data and Trust Consumer Survey 2015. Note: Survey questions: “What are the major reasons you tend not to read these privacy policies?” and “If a company whose services or products you use were to offer a short, clear, and easy-to-understand policy regarding how it uses your personal data, how much would this influence you to do business with that company?” Consumers Do Not Read Privacy Policies Plain-language versions of privacy documents can increase consumer spending
  • 17. A Knowledge Gap Exists Between Companies and Consumers Companies think that more consumers understand data stewardship practices as really do % OF CONSUMERS WHOM COMPANIES THINK UNDERSTAND DATA STEWARDSHIP PRACTICES % OF CONSUMERS WHO SAY THEY UNDERSTAND COMPANY DATA STEWARDSHIP PRACTICES Sources: BCG Big Data and Trust Consumer Survey 2015 and BCG Big Data and Trust Company Survey 2015. Note: Survey questions: “Are you aware of the privacy policies that describe how the companies you deal with treat your consumer data?”; “Have you read the privacy policies of the companies you deal with?”; “Do the companies you deal with list (online or in paper form) the data they collect about you?”; “Do you know which private data the companies you deal with have access to?”; and “To the best of your knowledge, what percentage of your customers are aware of your privacy policy, the data your company holds about them, how your company uses the data you hold, and new uses of data?” 40 20 15 10 40 36 30 24 Are aware of a privacy policy Are aware of the data a company holds Are aware of how data is used Are aware of new uses of data Are aware of a privacy policy Have read a privacy policy Are aware of the types of collected data Understand the data a company has access to
  • 18. No Don’t know Yes EXISTENCE OF AND RESPONSIBILITY FOR PRIVACY POLICIES BY INDUSTRY (%) Source: BCG Big Data and Trust Company Survey 2015. Note: Survey questions: “Has your company established a privacy policy that explains how you collect, manage, and use customer data?” and “Who has been responsible for determining the privacy policy?” Few Companies Have Senior-Executive-Level Oversight of Privacy Policies Responsibility is vested in IT and legal instead FINANCIAL INSTITUTION HEALTH CARE TECHNOLOGY, MEDIA, AND TELECOM COMPANIES THAT SELF-IDENTIFY AS “BEST IN CLASS” CONSUMER Does your company have a privacy policy? C-suite / line executives IT / legal / privacy office Other If yes, who is responsible for this privacy policy? INSURANCEOVERALL 16 8 76 22 73 5 24 12 64 19 75 6 6 94 19 75 6 17 11 72 23 77 0 4 14 82 22 72 6 12 16 72 28 67 5 27 91 28 65 7
  • 19. Source: BCG Big Data and Trust Company Survey 2015. Note: Survey questions: “Has your company established a set of guiding principles for how to use customer data that are separate and distinct from the privacy policy?” and “Who has been responsible for determining the guiding principles?” Few Companies Have Guiding Principles for Data Privacy Senior executives must be actively involved in developing internal best practices but often are not EXISTENCE OF AND RESPONSIBILITY FOR GUIDING PRINCIPLES BY INDUSTRY (%) No Don’t know Yes FINANCIAL INSTITUTION HEALTH CARE TECHNOLOGY, MEDIA, AND TELECOM COMPANIES THAT SELF-IDENTIFY AS “BEST IN CLASS” CONSUMER Does your company have guiding principles separate from a privacy policy? C-suite / line executives IT / legal / privacy office Other If yes, who is responsible for these guiding principles? INSURANCEOVERALL 34 12 54 34 59 7 16 48 42 50 8 6 76 23 69 8 39 11 50 45 44 11 9 36 36 55 33 67 0 16 7 77 41 53 6 18 36 16 48 42 50 8
  • 20. Companies Don’t Know If Consumers Trust Them And they may not deserve that trust because of weak internal enforcement mechanisms Source: BCG Big Data and Trust Company Survey 2015. Note: Survey questions: “With regard to your company’s approach to measuring customer trust, which of the following statements are true?” and “With regard to your company’s approach to ensuring compliance with its privacy rules, which of the following statements are true?” % OF COMPANIES THAT MEASURE CONSUMER TRUST THROUGH THE FOLLOWING ACTIVITIES % OF COMPANIES THAT ENFORCE DATA PRIVACY THROUGH THE FOLLOWING ACTIVITIES Assess indirectly through market research Assess indirectly through repeat business Doesn’t apply/ do not measure trust Have tried to measure but don’t do it regularly Publish trust metrics Have trust metrics Strongest mechanism Weakest mechanism Create access- based protocols Create training programs Create/ enforce rules after the fact Assess risk annually Monitor in real time Other Doesn’t apply/no system in place Strongest mechanism Weakest mechanism