OpenText Research Reveals That 7 in 10 People Buy More From Organisations Committed to Protecting Customers’ Data

A recent research conducted by OpenText found that, increasingly, more consumers are making an informed choice to buy from organisations that protect consumer data. Ever since COVID-19, consumers have heard about or experienced cyber security threats, putting their work or sometimes lives at risk. Hence, people have been careful in letting people access their information. It is, therefore, no surprise that even when it comes to consuming something, be it software or even an object, they check on the consumer data policy before inserting any of their personal information. According to the research, eighty-nine per cent (one in ten people) now worry about their data due to most organisations' tendency to distribute their work models to others.?

From those who took part in the study, sixty-nine per cent of consumers noted that they are even willing to pay more for something if the organisation holds a firm consumer data policy, where there are committed to protecting their information. This same number of people also responded that they are willing to pay a third party to keep their information safe.?

In Singapore, only one in three people have complete trust in the organisations they interact with to keep their data safe. This is less than 31 per cent of the Singaporean population. The research, however, notes that around 39 per cent trust some companies to protect consumer data as promised. It remains to be seen how companies will adapt to this new consumer demand, which now requires assurance of their data being protected.