F5's latest Curve of Convenience 2023 report shows data security taking a back seat with APAC consumers, with an increased willingness to save and share personal payment data on multiple platforms.
Rather, 79% of Asia Pacific consumers are willing to grant companies access to their data in exchange for better utility and customer experience and 96% are willing to save sensitive data onto websites and applications for a more streamlined process.
This year's study was conducted in Q4 2022, with over 2,300 respondents from 8 APAC regions: Australia & New Zealand, mainland China, India, Indonesia, South Korea, Japan, Singapore, and Taiwan and is a follow up to F5’s 2020 survey.
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 personalization at every stage of a consumer's digital experience. These features are often enabled by an Application Programming Interface (API), which helps to improve efficiency and are applicable to almost all businesses as long as it touches on money transfers and digital payments. 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.
"Although APAC consumers are willing to share their data, it is important for organizations 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."
"Striking the right balance between usability and security is often a challenge, but it can be done with the help of a suitable checklist and security solutions that enable continual discovery and protection of APIs. Organizations will be able to implement a positive API security model that enhances risk management and fosters digital innovation," said Adam Judd, Senior Vice President, Asia Pacific, China and Japan, at F5.
With a growing reliance on digital services and consistent headlines about data breaches, APAC consumers are also increasingly concerned about data security. According to the report, over 75% of APAC consumers are ready to withdraw support from a company in the event of a data breach despite offerings like supreme services and products, with 53% 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 prioritize it at risk of losing their competitive edge.
Report highlights are that:
- 96% of APAC consumers are willing to save sensitive data on websites they trust. Within this group, 76% believe that sharing their data is justified for better services and content.
- APAC consumers are taking charge of their data. 53% of consumers are likely to stop supporting a brand in times of data breaches. But when presented a clear resolution approach, 72% may return to trust them. Furthermore, 53% are willing to take active steps to protect their data.
- A strong brand image is critical to gain trust amongst most consumers. 61% of APAC consumers trust companies with strong brand images. Chinese consumers hold the highest level of trust towards established digital ecosystems compared to their APAC counterparts. They are mostly confident an established brand can protect and secure their data. On the contrary, ANZ consumers have the least trust towards established brands and their commitment to cybersecurity, with only 36% believing their data is secure with those brands.
- Digital payments the way forward. 55% of 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 having used more than 1 digital payment method over the last 12 months.