Want to attain and retain customers? Adopt data privacy policies

Customers won’t buy services or products from companies if they don’t trust how their data will be used, Cisco found.

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A Cisco report released on Tuesday outlined consumers’ growing demand for data privacy. Not only do people care about data privacy, but they have taken actions to protect it. These consumers view respect for privacy crucial to determining the companies they do business with, the report found. 

SEE: Cheat sheet: Facebook Data Privacy Scandal (free PDF) (TechRepublic)

Cisco’s Consumer Privacy Study surveyed 2,600 consumers worldwide. The report identified four key insights, which all point to an increased emphasis on the importance of securing personal data. 

Key insights on data privacy

Insight 1: People care about privacy, and a large number have taken action

In the past, consumers indicated they cared about data privacy, yet they never took noticeable steps toward protecting their privacy.

However, with the increase in big-name data breaches—including Equifax and Facebook-Cambridge Analytica—and the implementation of data privacy regulations over the past few years, people began turning those sentiments into action, said Robert Waitman, director of Cisco’s privacy office. 

Not only did 84% of respondents say they care about data privacy, but 80% indicated they are willing to spend time and money to protect their data and 48% said they’ve already acted by switching companies or providers because of data policies. 

Taking all of those factors into account, 32% cited themselves as “Privacy Actives,” or those who care about privacy, are willing to act, and have already taken action to protect their privacy, the report found. 

“That is big news.” Waitman said. “To…