F5 research reveals vast majority of A/NZ consumers unwilling to buy from companies post data leak
Posted: Tuesday, Apr 18

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F5 research reveals vast majority of A/NZ consumers unwilling to buy from companies post data leak
From KBI

AUSTRALIA & NEW ZEALAND, April 18, 2023 – F5 (NASDAQ: FFIV) has announced the findings of its 2023 Curve of Convenience Report, highlighting Asia-Pacific (APAC) consumers’ perspectives on balancing data sharing in a world of seamless connectivity.

The report found those in A/NZ are far more likely to prioritise data consent over personalised experiences, with 70 per cent of A/NZ consumers believing consent should be sought before sharing data with third parties, well above the APAC average of 50 per cent, and even more at odds with China and Singapore’s 36 per cent.

Another finding reveals 89 per cent of people in A/NZ are not comfortable with tracking mechanisms in their digital usage.

Additionally, in the event of a data leak, 71 per cent of A/NZ respondents indicated they are unwilling to continue buying from the company involved, much higher than the APAC-wide 53 per cent.

The Curve of Convenience report is a compilation of insights from more than 2,300 consumers across nine countries in the APAC region. It highlights a number of key differences in how A/NZ consumers view cyber security compared with its regional counterparts.

For instance, in contrast to the wider region, the report found consumers in A/NZ have the least trust towards established brands and their commitment to cyber security, with only 36 per cent believing their data is secure with those brands.

The APAC region, primarily China (70 per cent), Singapore (63 per cent), Japan (66 per cent), and India (68 per cent), demand a promise of personalised user experiences in exchange for transparent data sharing. However, the promise seems insufficient to convince consumers in A/NZ to share data, with only 42 per cent willing to share data for a personalised experience.

“Over the last three years, people truly realised the benefits of using online channels to work, play and connect, and A/NZ’s organisational leaders are continuing to deliver and improve upon modern digital services,” said Jason Baden, Regional Vice President, Australia and New Zealand for F5.

“But, over the past six months, consumer attitudes to cybercrime, their applications, and their data have understandably changed. Business leaders are being tasked with battling the rising cyber-crime resulting from digital reliance, and the subsequent changes to regulation and compliance measures. Given digital channels are now such an integral part of our lives, leaders need to strike a careful balance between security and convenience.”

Other report findings included:

  • Third-party log-ins aid convenience: It has become standard practice for users to log in to websites and services using third-party authentication, such as through a user’s existing Google or Facebook account. Across the APAC region, consumers appear to prioritise usability, with 77 per cent of consumers preferring to log in with these third parties. In A/NZ, the lowest region of adoption, the majority (66 per cent) still prefer to use third-party log in features.
  • Digital payments are the way forward: 55 per cent of consumers prefer digital payments, and this number is likely to rise. Convenience and personalised experience play a big role in this trend as 79 per cent of consumers in the region are willing to save and share personal payment data on multiple platforms. Even in A/NZ, a region that prioritises security and privacy, there’s a clear preference for digital payments over traditional methods. This is in direct contrast with China at 53 per cent preferring digital payments against A/NZ’s 62 per cent.
  • Consumers are taking charge of their data: 53 per cent of consumers are likely to stop supporting a brand in times of data breaches, with the number being much higher in A/NZ at 71 per cent. But, when presented with a clear resolution approach, 72 per cent of the region may return to trust them. That number is significantly lower in A/NZ, with only 58 per cent of consumers prepared to renew trust in a company if they have taken relevant steps to reinforce security.

To satisfy growing demand in Australia and New Zealand, F5’s global footprint has expanded over the last several years, transforming its software and cloud offerings to deliver a broad portfolio of solutions to help customers address risk, complexity, and convenience.

The full Curve of Convenience 2023 Report includes more information on these and other findings and can be found here.

About F5

F5 is a multi-cloud application services and security company committed to bringing a better digital world to life. F5 partners with the world’s largest, most advanced organisations to optimise and secure every app and API anywhere, including on-premises, in the cloud, or at the edge. F5 enables organisations to provide exceptional, secure digital experiences for their customers and continuously stay ahead of threats. For more information, go to f5.com. (NASDAQ: FFIV)

F5 is a trademark, service mark, or tradename of F5, Inc., in the U.S. and other countries. All other product and company names herein may be trademarks of their respective owners.

The Production Team
The KBI Production Team is a staff of specialist technology professionals with a detailed understanding across much of cybersecurity and emerging technology. With many decades of collective industry experience, as well as expertise in marketing & communications, we bring news and analysis of the cybersecurity industry.
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