74 % of Indian Consumers are Willing to Sacrifice Data Security for Convenience: F5 Research

F5’s (NASDAQ: FFIV) latest report Curve of Convenience 2023 Report: The Pursuit of APIs has revealed that 74 percent of Indian consumers are willing to grant companies access to their data in exchange for better utility and customer experience, with 93 percent willing to save sensitive data onto websites and applications for a more streamlined process.

In recent years, it has become standard practice for users to log in to websites and services using third-party authentication, such as through a user's existing Google or Facebook accounts. These trends reflect a collective desire for convenience, speed, and personalisation at every stage of a consumer’s digital experience. These features are often enabled by Application Programming Interfaces or APIs, which help improve efficiency and are applicable to almost all businesses processing digital transactions. Like any web application however, these APIs can be exploited and abused unless properly protected, resulting in security breaches and fraud, putting entire digital ecosystems at risk.

“Today’s consumers are more inclined towards convenience over security, giving businesses a tough time maintaining the balance between the two while ensuring the utmost security for customers’ sensitive data,” said Dhananjay Ganjoo, Managing Director, India and SAARC, F5. “This can be overcome with the help of a suitable checklist and security solutions that enable continual discovery and protection of APIs. Cloud-focused solutions such as F5 Distributed Cloud WAAP implement a comprehensive API security model that enhances risk management and fosters digital innovation. 

“Although APAC consumers are willing to share their data, it is important for organisations that deliver digital services to be reminded that they must also be proactive in seeking out trustworthy security providers to secure their data,” said Jessie Tung, Growth Strategist & Co-founder, twimbit. “Thus, it is important for them to deliver holistic data security measures to gain the trust of both the service provider and end user.”

With a growing reliance on digital services and consistent headlines about data breaches, APAC consumers are also increasingly concerned about data security. The Curve of Convenience 2023 report also revealed that over 67 percent of Indian consumers are ready to withdraw support from a company in the event of a data breach despite offerings like leading services and products, with 58 percent interested in knowing the sensitive data compromised during a data leak. These findings signify the importance of data security in the minds of Asia - Pacific consumers and businesses, many of which do not prioritise it at risk of losing their competitive edge.

Report Highlights

·       52% of Indian consumers are likely to continue with a brand in the event of a data leak. Within this group, 38% may leave for another brand permanently after the data leak.

·       A strong brand image is critical to gain trust amongst most consumers. 68% of Indian consumers trust companies with strong brand images.

·       Digital payments the way forward.  58% of Indian consumers prefer digital payments, and this number is likely to continue to rise.

·       APAC consumers have a strong reliance on digital services. This reliance can be witnessed in digital payment services, with 8 out of 10 surveyed APAC consumers having transacted online within the last 12 months. The survey results also showed that 69% of consumers in APAC have used more than 1 digital payment method over the last 12 months.