Singapore – A recent report from Thales revealed a decline in global trust in digital services compared to the previous year, highlighting significant concerns over digital privacy.
In the report, banking was noted as the most trusted industry for the second consecutive year. However, trust levels vary significantly by age, reaching 51% among those over 55 but falling to just 32% among Gen Z consumers.
It was also found that trust in insurance, banking, and government remained stable or saw slight improvements, making them among the few sectors that did not decline. No industry further managed to surpass the 50% consumer trust threshold in handling personal data.
On the other hand, trust in government organisations saw a modest rise, with confidence levels increasing from 37% to 42% among global respondents regarding personal data security. News media ranked the lowest, with only 3% of surveyed individuals expressing trust.
Similarly, social media platforms, logistics, and the automotive sector each received trust ratings from just 4% of participants.
Sebastien Cano, senior vice president of cybersecurity products at Thales, said, “Global trust in digital services is decreasing or remaining stagnant at best, even among highly regulated industries. One area that does not remain stagnant is the threat landscape.”
“Consumers are more aware than ever before of online threats and the consequences of their data falling into the wrong hands. As cyber threats evolve, so does consumer scepticism, and brands must continuously adapt their security measures to stay ahead and rebuild confidence,” added Cano.
Findings also noted data privacy concerns driving consumer actions, with 82% of participants dropping brands over the past year due to uncertainty about data usage. The study, moreover, found that nearly 19% of respondents had suffered a data breach in that time.
Meanwhile, trust issues extend to impact e-commerce, where 33% of consumers report frustration with inefficiencies and manipulative tactics, such as bots disrupting purchasing. In this case, a growing dissatisfaction adds to the broader concerns surrounding digital services.
John Tolbert, director of cybersecurity research at KuppingerCole Analysts, also shared, “The Thales Digital Trust Index findings should be alarming to enterprises that conduct business online. The global decrease in digital trust is not only quantifiable but preventable.”
As noted in the report, consumers are calling for stronger data management practices, with 86% expecting privacy rights in their online interactions. Despite this, 63% feel that companies place too much responsibility on individuals to safeguard their data.
Interestingly, according to 64% of consumers, adopting technologies such as biometrics, passwordless authentication, and multi-factor authentication alongside responsible AI use would greatly enhance their trust in brands.
“Deploying modern Customer Identity Access Management (CIAM), Fraud Reduction Intelligence Platforms (FRIP), GenAI, and data privacy protection solutions properly, with optimising the customer journey as the primary design principle, will lead to better business and consumer outcomes,” Tolber further shared.
