Banking Sector Tops Consumer Digital Trust, Finds Thales

2024 Thales Digital Trust Index reveals that banking, healthcare and government services are the most trusted sectors when it comes to sharing personal data
Media & entertainment, social media and logistics companies are languishing at the bottom of the industry rankings
Over a quarter (26%) of consumers have abandoned a brand in the past 12 months due to privacy concerns

Thales, a leading global technology and security provider, today announced the findings of its 2024 Thales Digital Trust Index which reveals that the banking sector is most trusted when it comes to protecting personal data and delivering trusted digital experiences. Thales surveyed 12,426 consumers globally about their relationship with online brands and services, what privacy expectations they demand, and how brands can earn their trust.

Commenting on the findings, Danny de Vreeze, Vice President, Identity and Access Management at Thales said: “Consumers place more trust in banking, healthcare and government services when it comes to sharing their personal data – a universal trend we’ve seen across all the markets surveyed. This is perhaps unsurprising when considering how highly regulated these industries are, the types of information they are responsible for handling, and the measures they have put in place to keep consumer data secure.

“While businesses are subject to international data privacy laws no matter the sector, those further down the rankings have been subjected to fewer directives directly addressing both data security and privacy. As more businesses grow their digital presence, there are lessons to be learnt for non-regulated industries too, as consumer preferences are evolving.”

Climbing the Digital Trust Index

The research revealed that the vast majority of customers (89%) are willing to share their data with organizations, but that does come with some non-negotiable caveats.

More than four in five (87%) expect some level of privacy rights from the companies they interact with online. The biggest expectation is the right to be informed that their personal data is being collected (55%), closely followed by the right to have their personal data erased (53%). Other privacy rights identified by the report include:

39% expect the right to correct their personal data
33% expect the right to request a copy of their personal data
26% expect the right to move data from one platform to another

The findings reinforce that the right to privacy and security is non-negotiable. Over a quarter of consumers (29%) have gone so far as to abandon a brand in the past 12 months because it demanded too much personal information. Over a quarter (26%) also abandoned a brand or service because of concerns about how their personal data was being used.