Global marketing services group, Dentsu has launched its 'Data Consciousness Project', a comprehensive study into Australians' attitudes towards data use by businesses. The project uncovers a significant shift in the data value exchange between businesses and consumers, with the balance now tipping in favour of the consumer.

The report surveyed 1,985 Australians aged between 16 and 65 about their feelings towards their data being accessed by brands and their expectations of value in exchange for their data. The findings reveal a growing concern among Australians about data breaches and misuse of personal information by companies.

A significant 73% of Australians are now fearful of data breaches within a company or brand. This fear is not unfounded, with one in ten Australians willing to switch brands due to a data breach. Furthermore, 72% of Australians fear a company or brand selling personal data to a third party, and 62% fear a lack of understanding on how a company is using their personal data.

The report also highlights that almost two in five Australians have received a suspicious email or text requesting personal information. One in four Australians have experienced their information held by a company being stolen with malicious intent. These figures underline the growing concern and awareness among Australians about the security of their personal data.

"In the first half of 2023 there were 409 data breaches, with two of these affecting more than 1 million people and one affecting more than 10 million Australians. It is against this backdrop that Australians have become more concerned about how their data is being collected and how it is being used and are now expecting more from companies," said Christine McKinnon, Dentsu's Head of Intelligence.

The report suggests that data is expected to emerge as a currency as brands rebuild trust with consumers by offering experiences and opportunities in exchange for data previously handed over for free. This shift in the data value exchange is set to be one of the top opportunities, and challenges, for businesses in the coming year.

"For marketers, the value exchange will be of fundamental importance moving forward as brands must prove they can be trusted to protect their consumers data and also demonstrate the consumer is receiving something in return for their data," McKinnon said. "In 2024, consumers will begin to assert their right to withhold personal data, whilst expecting the same levels of service from a business. Data as a currency will be one of the top opportunities, and challenges, for businesses this year."