Despite this lack of trust, the survey reveals consumers are not willing to disconnect as IoT is becoming integral to their lives
Consumers are increasingly recognising the value of Internet of Things (IoT) devices and services but lack trust in IoT data security, a new report suggests.
According to the findings of the first IoT Value/Trust Paradox report, undertaken by Cisco, consumers are willing to accept risk and trade off value for trust but do so reluctantly.
They are also very concerned about the security of their data and how it is being used. Only nine per cent of respondents say that they trust that their data collected and shared through IoT is secure. And only 14 per cent feel that companies do a good job of informing them what data is being collected and how it is used.
Despite this lack of trust, the survey reveals consumers are not willing to disconnect: 42 per cent said that IoT is too integrated into their daily lives to disconnect from these devices and services, regardless of the perceived risk.
IoT is becoming so deeply integrated into consumers’ daily experiences that it is easier to tolerate uncertainty and risk than to disconnect, Cisco said.
Cisco warns that these consumer trust issues must be addressed and reckons businesses that can resolve this “paradox” for their customers will have the opportunity to accelerate and sustain the growth of their IoT businesses.
“As more companies build their businesses around IoT services, they need to first understand the importance of educating customers on how they are using their data to deliver new, valuable services that will enhance their lives,” said Macario Namie, head of IoT strategy at Cisco.
“Consumers are asking for more visibility into IoT data practices, and to increase transparency around your IoT data governance and management, you first need to be able to determine who gets what data, where and when,” he added.
“Today’s IoT platforms solve this problem and can give you the ability to enhance consumer confidence and trust, which can lead to greater adoption of your IoT services.”
Across the IoT spectrum, the perceived value that IoT brings to consumers’ lives is quite high with 53 per cent of respondents reporting that IoT makes their lives more convenient while 47 per cent said IoT makes them more efficient, and 34 per cent reckon IoT increases their safety.
Only one quarter (27 per cent) of respondents were aware of public IoT implementations such as street lighting, energy meters and traffic systems.
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