Data Privacy & Protections: Industry Insights

Estimated Reading Time: 3 Minutes

In today’s digital-centric world, more data is being created than ever before.

According to G2:

• More than 2,500,000,000,000,000,000 bytes (or 2.5 quintillions) of data are created each day.
  
  
• By 2025, consumers will create more than 181 ZB of data.
  
  
• By 2025, there will be 55.7 billion connected IoT (Internet of Things) devices, estimated to generate nearly 80 ZB by 2025.

With businesses and consumers generating more data via the Internet and internet-connected devices – like smart home products – it’s understandable that concerns around data security, particularly around smart home products, are growing too.

According to Parks Associates, 72% of smart home product owners are concerned with the security of the personal data collected and transmitted by their smart home products. US households have over 16 connected devices on average, with smart home device owners owning eight smart home products on average. The adoption of smart home devices is growing; however, businesses should be aware that smart home device owners and those most likely to adopt these products report much higher rates of data privacy and security incidents than other consumers.

During our webinar, Data and Privacy Protections: Building a Trusted Smart Home, the panel of thought leaders from the technology and smart home industry shared their insights into the changing relationship that brands and service providers now have with consumers, where security protections are part of doing business and can be easy, seamless, and ultimately help strengthen the long-term customer relationship.

“In the connected home space, knowing there is a higher risk there, consumers know there isn’t a foolproof solution, but have more trust in companies that prioritize educating and supporting users.” – Eugenia Blackstone, Chief Marketing Officer with Iris Powered by Generali

“It’s absolutely all about trust. At the same time, there’s a business opportunity in providing the peace of mind and time savings to consumers. They don’t want to give up the convenience of a device because there might be a risk.” – Greg Baldauf, Director of Revenue Edge SmartLife Partnerships with Calix

“No matter where we are in the industry, we must take these threats seriously. We believe in partnerships to help provide solutions that combat risk in the best way possible for our users.” – Desiree Mejia, Chief Operating Officer & Secretary with SkyBell

The expert panel also explored new technologies like AI (Artificial Intelligence) and how it could positively and negatively impact consumers. When polling the live audience for their perspective on how AI will impact the security of consumers’ data, the results were split – 54% believe AI to be a net threat, with deep fakes and malicious bots, while 46% view AI as a net benefit, helping to detect anomalies and empowering the next generation of security technology.

Smart Home Products & Services + Identity Protection = Whole Home Protection

With the exponential growth of technology and data, identity thieves have many entry points to steal your customers’ data.

Whether you offer smart home devices, home security, or smart home services (e.g.internet service provider, etc.), your company can differentiate itself by expanding into identity protection for the whole household.

Iris Powered by Generali allows businesses like yours the flexibility to offer consumers comprehensive identity and data protection in the way that fits your business. You can choose to integrate an identity protection experience via an API directly into your existing digital experience (like your mobile app, website, desktop app, etc.), provide consumers with a branded identity protection portal (managed by us) or address a specific identity risk – like scams – via a standalone micro experience.

With data breaches making the headlines on a near daily basis, your company can be the hero in your customer’s lives by providing them comprehensive identity protection that includes free educational resources to help them navigate our digitally connected world.

Watch the full webinar for more expert insights and tips to help your customers limit their risk of falling victim to identity theft, fraud, and scams. And be sure to check out our whitepaper, produced in partnership with Parks Associates, for a more in-depth look at some of the research shared during the webinar.