A recent IDC survey found 84% of U.S. consumers are concerned about the privacy of their personal information, with 70% saying their concern is greater today than it was a few years ago.
These concerns of consumers should also alarm businesses: Consumers are willing to switch to another bank, medical center or retailer if they feel their personal information is threatened, the survey found.
“Consumers can exact punishment for data breaches or mishandled data by changing buyer behavior or shifting loyalty,” said Sean Pike, an analyst at IDC, in a statement.
The survey, released last week, polled 2,500 U.S. consumers about their privacy concerns across four verticals: Financial services, healthcare, retail and government.
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