Following a year of medical, social and economic upheavals, with nearly every organization rethinking how it does business and some experiencing major cyber intrusions amid the pandemic, where are customers when it comes to trusting companies with their data? Will they continue purchasing products and services from companies with which they’ve done business for years, even those affected by significant breaches?
Consumers once remained loyal to businesses despite mistrust over how their data was used. Most kept coming back even after well-publicized security breaches.
This phenomenon, the gap between the value consumers say they place on privacy and how they actually behave, has been called the privacy paradox by some experts on consumer behavior. Some who claim to be disturbed by privacy threats will keep giving away their personal data on social media platforms and elsewhere online, even returning to companies hit by theft of customers’ data.