Consumers want to be assured that the companies they interact with through various touch points—online, offline and through mobile applications—are doing everything possible to protect their personal data and privacy. Even millennial consumers, who are generally more willing than customers in other demographic groups to share personal information with businesses in exchange for rewards, have high expectations that companies will keep their data secure and respect their privacy.
There is no getting around the need for consumer products and services companies to devote more resources toward ensuring privacy, addressing identity management issues, and protecting information and systems. But organizations also must be very strategic when aligning and deploying these resources if they want to see results.