Utimaco’s research reveals a concerning statistic: over 1 in 3 individuals have experienced identity theft and digital fraud.
Customers must have faith that their banks are protecting their funds and personal information. Additionally, you must believe there are no privacy issues. According to the Circles of Trust 2023: Exploring Consumer Trust in the Digital Society report from Utimaco, a global provider of IT security solutions, only 19% of respondents don’t concerned about the protection of their data.
Not all of the world’s population’s mobile devices—which account for 66% of all devices—have digital connectivity. They are everywhere in our homes, including several rooms, automobiles, traffic systems, and streets. In light of this, Utimaco published its first volume in the Circles of Trust series in 2022, focusing on important industries to comprehend consumer perceptions of the daily-used digital services. The new research covered the US, Mexico, and Singapore in addition to the UK, Spain, and Germany that it had previously studied.
Utimaco has improved its comprehension of trust in contemporary digital life. The latest study examined banking, the Internet of Things (IoT), and smart cities and identified the following important global takeaways:
- Only 19% of respondents said they were not concerned about the security of their data.
- 36 percent of respondents reported having experienced data loss, identity theft, or digital fraud.
- A linked world, according to 41% of respondents, would make their daily lives simpler.
The UK thinks that smart technology won’t make lives better
Comparatively to other regions of the world, there was a pronounced mistrust of digital services in the UK. in relation to IoT devices and smart cities in particular.
Only 20% of respondents in the UK were able to define the term “Internet of Things”. Additionally, among all the respondents, they were the most likely (17%) to say that smart technology would not advance. Only 10% of respondents overall, on average, said they agreed with this statement. Only 21% of respondents thought they could define what a “smart city” is. Comparing this to a global average of 31%, only 24% recognized any benefits from smart cities, as opposed to 12% internationally.
The UK had more optimistic trends in other sectors. A’very destructive’ cyberattack has only impacted 2% of people. This contrasts with a global average of 5% and a US average of 9%. They have the highest level of confidence (72%), in their banking institutions to protect their data.
According to Stefan Auerbach, CEO of Utimaco, “We take pride in moving the conversation about digital trust forward.” Our job at Utimaco is to develop the hardware and software that serves as the “root of trust in a digital world.” We also aim to inform our customers about the social context in which that technology is used.
In conclusion, the effectiveness of all security measures will increase if end users are aware of and confident in their efficacy. We consider the Circles of Trust research series to be a crucial instrument for measuring digital trust globally. It is a priceless tool for any business doing business abroad.