Here Comes the Zero Trust Consumer: What Companies Can Do
- By CDOTrends editors
- November 29, 2022
In today’s digital world, consumers are increasingly aware of the risks posed by data breaches, phishing scams, and other malicious activities. As a result, they are embracing the concept of zero trust and demanding that companies take steps to protect their data with much more stringent security measures.
Daon, a digital identity trust company, found in its survey that 92% of consumers believe that cybersecurity threats are evolving faster than the technology protecting them. 91% are willing to take extra security measures to prove their identity on an ongoing basis to safeguard their information and accounts.
The report, The Era of the Zero Trust Consumer, revealed that consumers are acknowledging a high-risk environment when conducting different aspects of their lives online, signaling an emergence of Zero Trust Consumers.
Based on a survey of over 2,000 U.S. and over 1,000 U.K. consumers last October 2022, the report showed that consumers are already accepting the reality of ongoing cybersecurity threats in the same way businesses are adopting a Zero Trust Architecture – never trust, always verify.
“As online breaches, hacks, and fraud targeting businesses, governments and consumers continue to escalate both in frequency and sophistication, consumers are showing a growing awareness of these threats and a determination to do what is necessary to secure their accounts and information,” said Tom Grissen, chief executive officer at Daon.
The findings showed how consumers are ready to embrace more robust security measures and expect the businesses they hold accounts with to meet them halfway in securing their identities. 54% of consumers surveyed said that companies and consumers hold equal responsibility for protecting their identity.
When it comes to digital financial accounts, consumers are becoming concerned about the safety of financial information and money, with 93% of respondents expecting stronger security measures. Despite this, passwords with one-time codes and simple passwords are still the most used methods of protecting this vital information.
Nearly half (48%) of respondents have experienced a breach or hack of an online account in the past five years, and 44% have experienced financial fraud, leading to a greater understanding of the reality of security threats and a strong willingness to embrace more advanced, passwordless technology. Meanwhile, 81% say they would be willing to use facial or voice recognition when accessing accounts to ensure better security.
“The report findings overwhelmingly show that reliance on outdated security technology betrays the trust of consumers who both understand and embrace the reality of security threats. We’ve seen many major industry players already pushing for higher standards of security through initiatives like passkeys, and it shows businesses are now at an inflection point where they must understand that the path to trust with their customers is through understanding their customers’ views of threats,” concluded Grissen.
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