F5 has announced the findings of its 2023 Curve of Convenience Report, highlighting Asia-Pacific consumers’ perspectives on balancing data sharing in a seamlessly connected world. The Curve of Convenience report is a compilation of various insights from more than 2,300 consumers across nine countries in the APAC region. It highlights a number of key differences in how A/NZ consumers view cyber security compared with its regional counterparts.
What were the findings of F5’s report?
The report found those in A/NZ are far more likely to prioritise data consent over personalised experiences, with 70 per cent of A/NZ consumers believing consent should be sought before sharing data with third parties, well above the Asia Pacific average of 50 per cent, and even more at odds with China and Singapore’s average which rounds out at 36 per cent.
Another finding reveals that 89 per cent of people in Australia and New Zealand are not comfortable with tracking mechanisms in their digital usage. Additionally, in the event of a data leak, 71 per cent of Australian and New Zealand respondents indicated they are unwilling to continue buying from the company involved, much higher than the APAC-wide 53 per cent.
In contrast to the wider region, the report found consumers in Australia and New Zealand have the least trust towards established brands and their commitment to strengthening cyber security, with only 36 per cent believing their data is secure with those brands.
The APAC region, primarily China (70 per cent), Singapore (63 per cent), Japan (66 per cent), and India (68 per cent), demand a promise of personalised user experiences in exchange for transparent data sharing. However, the promise seems insufficient to convince consumers in A/NZ to share data, with only 42 per cent willing to share data for a personalised experience.
What does F5 think about the report’s findings?
“Over the last three years, people truly realised the benefits of using online channels to work, play and connect, and Australia and New Zealand’s organisational leaders are continuing to deliver and improve upon modern digital services. But, over the past six months, online consumer attitudes to cybercrime, their applications, and their personal data have understandably changed,” said Jason Baden, the Regional Vice President at F5 for A/NZ.
“Business leaders are being tasked with battling the increasing incidents of cyber-crime resulting from relying on digital means, and the subsequent changes to regulation and compliance measures. Given digital channels are now such an integral part of our lives, leaders need to strike a careful balance between security and convenience,” Baden concluded.
What other key findings about consumers did F5 find?
Third-party log-ins aid convenience
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 account. Across the Asia Pacific region, online consumers appear to prioritise brand website usability more often than not, with 77 per cent of customers nevertheless preferring to log in with these third parties.
In Australia and New Zealand, the lowest region of adoption when it comes to online cybersecurity measures, the majority of consumers (66 per cent) still prefer to use third-party login features, indicating an intentional willingness to use these services among online users.
Digital payments are the way forward
The report found that 55 per cent of consumers prefer digital payments – a number likely to rise. Convenience and personalised experience play a big role in this trend as 79 per cent of users in the region are willing to save and share personal payment data on multiple platforms.
Even in Australia and New Zealand, a region that prioritises security and privacy, there is an unmistakable preference for digital payments over traditional methods. This is in direct contrast with China at 53 per cent preferring digital payments against A/NZ’s 62 per cent.
Consumers are taking charge of their data
53 per cent of consumers are likely to stop supporting a brand in times of data breaches, with the number being much higher in A/NZ at 71 per cent. But, when presented with a clear resolution approach, 72 per cent of the consumers in the region may return to trust them.
That number is significantly lower in A/NZ, with only 58 per cent of consumers prepared to renew trust in a company if they have taken relevant steps to reinforce security. The full Curve of Convenience 2023 Report includes more info on other findings can be found here.