Based on F5 Research, 79% of Asia Pacific Consumers Are Willing to Sacrifice Data Security for Convenience – The latest F5 Curve of Convenience 2023 Report: The Pursuit of APIs reveals that 79 percent of Asia Pacific (APAC) consumers are willing to give companies access to their data in exchange for utility and a better customer experience, with 96 percent willing to store sensitive data to websites. and applications for more efficient processes.
In recent years, it has become standard for users to sign in to websites and services using third-party authentication, such as through an existing Google or Facebook user account. These trends reflect a collective desire for convenience, speed, and personalization at every stage of the digital consumer experience.
These features are often enabled by Application Programming Interfaces or APIs, which help increase efficiency for nearly any business that requires money transfers and digital payments. However, like any other web application, these APIs can be exploited and abused, resulting in security breaches and fraud, thereby putting the entire digital ecosystem at risk.
“While 86% of Indonesians surveyed stated that they would continue to do business with companies that have reported cyberattacks or data breaches that may include their personal information, organizations that provide digital services need to remember that they also need to be proactive in finding security providers they can trust. to secure their data,” said Surung Sinamo, Country Manager, F5 Indonesia.
With a growing reliance on digital services and news stories about data breaches growing, Asia Pacific consumers are also increasingly concerned about data security. The 2023 Curve of Convenience report also reveals that more than 75 percent of Asia Pacific consumers are ready to withdraw support from companies in the event of a data breach or loss despite offerings such as best services and products, with 53 percent interested in knowing the details of a leak of sensitive data. These findings highlight the importance of data security in the minds of Asia-Pacific consumers and businesses, many of which are not prioritizing it at the risk of losing competitiveness.
“The majority of Indonesian consumers (64%) have a high level of trust in branded superapps that store their personal data. However, only 51% of Indonesians believe in giving access to their data to respective related companies, in order to get a better user experience.”
“To ensure they don’t undermine this level of trust, brands and organizations must provide holistic data security measures to earn the trust of service providers and end users,” concluded Surung Sinamo.
Report Initiative
- 96% of APAC consumers are willing to store sensitive data on websites they trust. Within this group, 76% believe data sharing can lead to better services and content.
- APAC consumers are responsible for their data. 53% of consumers tend to stop supporting a brand in the event of a data breach. But when presented with a clear resolution approach, 72% were able to trust them again. Additionally, 53% are willing to take active steps to protect their data.
- A strong brand image is very important to gain trust among the majority of consumers. 61% of APAC consumers trust companies with a strong brand image. PRC consumers have the highest level of trust in an established digital ecosystem compared to their APAC counterparts. They mostly believe established brands can protect and secure their data. In contrast, ANZ consumers have the least trust in established brands and their commitment to cybersecurity, with only 36% believing their data is safe with these brands.
- Digital payments are the future. 55% of consumers prefer digital payments, and this number is likely to continue to increase.
- APAC consumers rely on digital services. This dependency is evident in digital payment services with 69% of consumers in APAC using more than 1 digital payment method in the past 12 months. 8 in 10 APAC consumers surveyed have transacted online in the past 12 months.
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