72% of Smart Home Product Owners Concerned With Data Security

New research in partnership with Iris^® Powered by Generali addresses growing trust concerns for data privacy and security in the connected home

Dallas, Texas, May 18, 2023 - Parks Associates’ new research white paper Data Privacy and Security in the Connected Home, developed in partnership with Iris^® Powered by Generali (“Iris”), a B2B2C global identity and cyber protection provider, highlights the risks posed by internet-connected devices, consumers’ perceptions of these risks, and the role smart home platforms can play in mitigating threats. The research firm reports that 72% of smart home product owners are concerned with the security of the personal data collected by their devices. Among all US internet households, nearly one-half have reported experiencing at least one privacy or security issue in the past year.

“Consumers’ homes are becoming more complex and, in turn, more vulnerable to privacy and security breaches,” said Kristen Hanich, Research Director, Parks Associates. “Many consumers do not know how to properly manage and secure these devices, leaving them at risk for identity theft, fraud, and invasive data collection.”

This research highlights the role of consumer trust as a key differentiator for players in the connected home space. The white paper provides insight into the steps consumers can take to protect themselves, including reviewing privacy policies and settings, registering with manufacturers to update software and disable remote access, segregating devices onto a separate Wi-Fi network, enabling two-factor authentication and password managers, and enrolling in identity theft and personal cyber protection services.

“With the number of internet-connected devices in the average home steadily increasing, every new device is a potential new avenue for cyber threats,” said Paige Schaffer, CEO of Iris. “This is why this research we developed in partnership with Parks Associates will be an invaluable educational resource for consumers and smart home technology providers alike.”

As trust becomes a key differentiator for players in the connected home space, companies can provide customers with easy-to-use tools to identify risks and protect their identities and data. In fact, 59% of US internet households, when presented with guarantees such as the right to approve data collection or who can access it, rated at least one of these solutions as highly effective in relieving their privacy and security concerns.

The white paper is available for download on the Parks Associates website.

To schedule an interview with an analyst or to request specific data, please contact Rosey Sera at rosey.sera@parksassociates.com or 972-490-1113.

About Parks Associates

Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. http://www.parksassociates.com

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About Iris® Powered by Generali  

Iris® Powered by Generali is a B2B2C global identity and cyber protection company owned by the 190-year-old multinational insurance company, Generali, offering always-available identity resolution experts (real people, 24/7/365) and tech-forward solutions that uncomplicate the protection process. Understanding that victimization has no geographical boundaries, we’ve got a solution no matter your customers’ coordinates.

To learn more about Iris’ offerings, please visit: https://www.irisidentityprotection.com/

Follow Iris on LinkedIn and Facebook.