https://tiptopdata.com/online-privacy-concerns-in-ma-transactions/
The recent rash of massive data breaches, cyber-attacks and privacy issues has caused a lot of Americans rethinking their digital footprints. In fact, the majority of people believe that their online activities are not private and that they have little or no control over how companies collect and use their personal data. They are worried about identity theft, credit card fraud and privacy invasions (e.g. having their embarrassing photos shared on the Internet).
Although the majority of these privacy issues aren’t directly related to financial transactions but they all have implications for people’s health. This study examines how people respond to these threats, and how their reactions differ across cultures and domains.
Consumers who are concerned about privacy can take proactive and reactive steps to address the issue. The proactive steps include deleting content and “untagging” yourself in photos or posts as well as requesting that companies erase information from their databases. The reactive steps include limiting access to data by checking the firm’s privacy policies, using encryption and virtual private networks (e.g., The Onion Router) and changing their web browser’s privacy settings.
In a survey for NTIA participants, respondents reported that their concerns about privacy issues was related to greater anxiety, less satisfaction, and less self control. This is the first research we know of that links these results with an individual’s perceptions of their online security when they make transactions. We also found that cultural values moderated this connection. Individualistic and low-context cultures expressed more privacy concerns than those in high-context and collective culture. Future research should explore the particular aspects of privacy regulations that are influenced by the culture of the individual and how this moderating influence can be used to guide regulatory efforts.
