Data breaches and related identity theft have reached epidemic proportion. According to a recent global survey by KPMG International, for example, more than half (55%) of consumers said they had abandoned online purchases due to privacy concerns. The survey also found that less than 10% of respondents currently felt they had control over the way organizations handle and use their personal data.
This sort of trend is bad news for a world moving towards the adoption of a digital economy. Online shopping, instant access to financial information, and the ability to electronically access and secure services are changing people’s lives and the way that organizations conduct business. This is not the time for a drop in consumer confidence.