Almost half of UK millennials refuse to hand over their personal data to businesses as they don’t trust them to keep their data safe.

These are the findings of a new survey from Radware, a leading provider of cyber security and application delivery solutions, which sought to understand how UK millennials view cybersecurity, how they would react if their data was compromised and what it means for businesses today. 

Millennials understand the value of their personal data

45% of those surveyed said that they never share it with companies as they did not trust them.
14% said that they share personal data only with trusted brands
Only 11% said that they share personal data all the time,
And 6% said they that use false information

The research shows the need for businesses to invest in strong cybersecurity if they want to increase their brand value and achieve differentiation in their markets. Companies that do not take customer data into account are in danger of being left behind by millennials.

However, some millennials are also inadvertently taking huge security risks by sharing their entertainment account login details with friends. Only 69% said that they keep their Netflix, Amazon Prime and other entertainment account login details private. With as many as 80% of consumers reusing the same password across their online accounts, many millennials may inadvertently be sharing their online banking password at the same time as sharing their entertainment account login. 

Consumers are becoming more aware of the value of their data, and any business that doesn’t treat that data with care is risking their customers’ loyalty.

Many reported negative experiences with social platforms

Millennials are known for surfing the top of the social media wave, but many reported negative experiences that have caused them to rethink the way in which they interact with social platforms. 

Almost a quarter of millennials surveyed said that something that they posted had spoiled a friendship or relationship, while almost 20% said that their social media had stopped them from getting a job. Public posts also had an effect on education opportunities, with 7% revealing that something they posted stopped them from getting into a college or university. With these potentially life-changing opportunities at stake, it’s unsurprising that many millennials reported a shift in the way they interact with social media — although only 14% said that they had left social media entirely. 

CONCLUSION
Millennials in the UK have high expectations of companies that they trust with their personal data. Despite how relaxed some are with their own information, most are wary of handing over data to untrusted brands and will take action if they feel that their data is at risk.

For businesses, ensuring a secure service in today’s digitally driven world is paramount. With such large quantities of personal data at risk, no industry is safe, and no business can expect to not be a target.

This cultural change must be embraced, and security should be seen as a selling point and a tool to improve customer loyalty, which can be damaged irreparably by data breaches and loss or reduction in service availability. Business leaders that deploy new technology and prioritise cybersecurity will be the ones to win the trust and loyalty of the millennial.

Radware has written a blog with advice on how to protect your sensitive data and passwords which is available here: https://blog.radware.com/security/2018/09/millennials-and-cybersecurity/

The full report is available here, and an accompanying infographic with the key statistics is available here.

METHODOLOGY 
The survey was completed by Radware via a Google survey conducted in August 2018 among a sample of 500 UK adults aged between 18 and 34.