Lacking Trust in the Market

Recently, Intercede released news of a consumer survey that reported Millennials (16-35 year olds) in the U.S and UK are losing trust in today’s Digital Economy. “Fewer than 5 per cent of respondents believe their digital identity and personal data are completely protected by effective safeguards. This serves as a stark warning to businesses and government departments who provide online services and products, as digital natives protest that ineffective security practices are potentially putting their online data into the hands of cybercriminals.”

When asked about the impact of an increasingly digitally-connected world, such as the increased use of mobile devices and tablets on their digital privacy, nearly 70 percent of Millennials believed the risk to their online safety will increase – with 31 percent believing this increase will be dramatic. More disturbingly, 54 percent felt the failure of companies and governments to adequately protect identities and data would result in public distrust of goods and services. A further 44 percent believed there will be an eventual decline in data sharing and 36 percent predicted demands for action. Smaller but still significant percentages of the research group said there is potential for a decline in economic or political stability.

Coaching moment: We live in interesting times. Will big media and market players “win” in this power play? What does it mean if your customers don’t trust you, causing those customers to fill your databases with conflicting and inaccurate information and tailor the use of their devices to create more inaccurate data? In contrast, what if the developers at ProjectVRM and related concerns create useful and convenient privacy-protecting, selective sharing-enhanced software and hardware solutions that help create a new market?

If things were different and your communications devices actually helped you get things done, what would be your top three priorities?

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