A majority of Americans are apprehensive about privacy and are concerned about the potential misuse of their personal data, according to a new survey.
The survey by PrivacyHawk, published on August 22, involved over 1,000 Americans. It sheds light on the general sentiment around privacy in the age of artificial intelligence (AI) technology and how Americans expect lawmakers and financial institutions like banks to protect their privacy.
About 45 percent of Americans are “extremely concerned about their personal data being exploited, breached, or exposed,” the survey revealed. Still, many underestimate the risk. While most Americans believe their personal data is in less than 200 databases, PrivacyHawk estimates it’s in more than 400 databases.
With a rise in identity theft and other online threats, Americans are looking to state and financial institutions to put measures in place to protect their privacy.
“Americans are deeply concerned about their personal data, believe their data is priceless, want a national privacy law, and are pessimistic about the rise of AI and personal data,” CEO and Co-Cofounder of PrivacyHawk Aaron Mendes said.
‘Overwhelming Bipartisan Desire for National Privacy Law ‘
Rarely do Americans agree so uniformly on a topic, the report said, but on privacy, the numbers are staggering. PrivacyHawk indicates an “overwhelming bipartisan desire for a national privacy law,” with Mendes noting, “This is the first time in modern times we’ve ever seen over 90% of Americans agree on anything.”
“Over 92% of Americans want Congress to enable a national privacy law that gives them the right to know, delete, not be sold, and stop data brokers,” the report said.
Also, over 90 percent of the respondents voiced support for “a privacy score — like a credit score — that gives them insights into how many personal data exposures they have.”
The desire for control does not stop at legislation; Americans are taking action. Over 40 percent of Americans have used various tools to reduce their digital footprint, and up to 48 percent would pay for a service that protects their privacy.
These findings are not surprising, as many are increasingly aware of how big data affects privacy.
PrivacyHawk’s survey echoes similar findings from a 2022 report by the University of Pennsylvania, which revealed that a large portion of Americans surveyed — about 80 percent — are aware that the data collected about them could cause them harm and are frustrated about the lack of control they have over their data.
The Burden on Financial Institutions, ‘AI Dystopia,’ and Protecting Your Privacy
Trust in financial institutions also comes with expectations, the report revealed. Over two-thirds of Americans “say it’s very or extremely important that their bank offer fraud and security products,” the report revealed.
“Over 85% of consumers would be more loyal, 53% very to extremely more loyal, to their financial institutions if they provide fraud and personal data protection services.”
Meanwhile, the explosion of AI technology introduces a new set of privacy concerns. “Nearly two-thirds of Americans are concerned about the effect AI could have on humanity,” the report states. Up to “66% believe their personal data is being used to train AI models,” with nearly “80% concerned about their personal data being used in these models,” the report added.
To protect your personal data, it’s important to read the privacy policies of AI tools and other online platforms you use.
We also recommend investing in privacy tools like a VPN and a privacy-friendly browser. Read our guide to browsing the web anonymously for more tips.
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