Security has always been a large topic of conversation in the technology world. Today, it is almost impossible to browse the web without catching wind about changes in privacy laws and/or breaking news on large-scale security leaks. Insecurities amongst online consumers are increasing, as more and more consumers no longer feel safe when shopping online. Consumers say they want to seek out platforms that offer greater security, however, even with the knowledge of security risks, most customers tend to ignore security if it requires a great deal of time or effort.
The trade off between time and security has created somewhat of a dilemma for consumers. In general, most consumers are willing to sacrifice some security in the interest of time and convenience. Even though we enjoy the facade of claiming that we put our privacy first at the end of the day, the general consensus is that we would rather save time. This belief could be attributed to optimism bias – the belief that one is less at risk of experiencing a negative event compared to others. The idea that people tend to believe that security breaches won’t happen to them. This, along with the lack of visibility of security itself, tends to lead consumers to assume that they’re more secure than they actually are.
Although consumers rather give up some privacy for convenience it is still up to the company to protect them, even with customer error the blame could still be put on the company. This is where the battle for an effective blend between convenience and security comes in. As a company you want to retain the greatest number of customers as possible. Having an efficient, quick and easy to use interface, you can increase customers, however, quick tends to be less secure and having issues with security can cause greater losses. The key to success is having a balance, and finding the median between risk and speed. The more secure content you have the more you would gear towards privacy, as any security issues would cause the greatest damage. Choosing the best direction is company dependent but at the end of the day security should always be a top of mind concern no matter what you do