BCG conducted research in five European countries—France, Germany, Italy, Spain, and the UK—and in the US to test consumer confidence about data privacy. The research showed that consumers are increasingly uneasy about sharing personal data, whether it be financial, familial, locational, or use based. Moreover, the research indicated that certain industries, including, notably, online companies, financial companies, and governments, are especially suspect in consumers’ eyes.

But the biggest surprise may be that BCG’s research uncovered a counterproductive tendency by many companies to collect and use customer data in “recklessly conservative” ways. On one hand, they avoid using data in ways that consumers are least hostile to; and on the other, they fail to inform consumers about or ask their permission for data use, even though consumers clearly want those things.

Sourced through from: