In today's world, the increasing use of internet-connected products in households poses a significant risk to data privacy and security. According to a recent study by Parks Associates, 72% of individuals who own smart home products are worried about the safety of their personal data. With incidents of hacking, data breaches, and news about platforms such as TikTok, a China-based app, these worries are further amplified.
Research conducted by Parks Associates indicates that individuals who own smart devices report higher rates of data privacy and security incidents. Their concerns include viruses, unauthorized access, and the security of collected data. Younger individuals with strong tech skills are more aware of data threats, and those who have experienced privacy issues express higher levels of concern. Additionally, the potential access to customers' data by foreign-based platforms may further erode consumer trust.
Data privacy and security concerns act as a significant barrier to smart device adoption, with around one-third of non-owners citing these concerns as the reason for not purchasing smart home products. Identity theft, in particular, poses a significant risk, with 9% of US internet households experiencing it in the past year. However, product manufacturers and service providers can stand out by offering solutions that address these concerns.
As the demand for data security and privacy continues to grow, these companies have a unique opportunity to provide effective solutions that protect privacy and address consumer needs. By prioritizing data privacy and security, earning consumer trust, and delivering robust protection, companies can position themselves as leaders in the market.
To access the complete report from Parks Associates, click here.
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