Millennials are part of the first generation that’s grown up with technology. Shopping online is a ritual, with 1-click ordering the norm. Social media is a constant companion, with over 80% on Facebook and 71% on Instagram. And millennials don’t just share snaps of their latest holidays; almost half (47%) have at least once shared their finances and/or spending habits on social media. But are millennials too lax with their data online?
Millennials Care About Personalization Over Privacy
Millennials understand that in order for their favourite websites to deliver curated content, they need to know a little something about them. The results of a CSG Systems survey, which polled those in the 18-35 bracket in the USA, UK, Australia, and Brazil, showed that millennials are willing to give up their anonymity in return for good service. In fact, 71% said they give up personal data in return for services that match their specific needs.
Is this really a problem, however? Not necessarily, as long as the millennial is aware…
Millennials Are More Aware of Their Data
Yes, millennials are more willing to part with their data online. But they’re also more savvy about the companies they give it to. According to a study from Radware (a leading cybersecurity firm), 45% of millennials refuse to give their personal data to brands they don’t trust.
Millennials are also far more likely to keep tabs on their data. The same Radware study shows that millennials use sophisticated tools to find out if their data has been used for nefarious reasons. For example, 13% search sites such as HaveIBeenPwned to check whether their passwords are ‘out there’ for hackers to exploit.
Too Trusting of Big Brands?
Even though millennials are careful about sharing their data with third-parties, they probably still lend too much faith to the larger brands. They often trust the big boys have their houses in order, assuming they have secure servers, a platoon of technical experts tasked with safeguarding their data, and a backup plan in case something goes wrong.
Unfortunately, your data isn’t necessarily safe just because you’ve given it to the Apple’s and Microsoft’s of this world. In fact, there are countless examples of huge multinationals that have suffered major hacks:
- Yahoo. In 2013, Yahoo suffered the most (in)famous data breach of all time. The breach involved 3 billion user accounts, representing every single account on their books.
- eBay. In May 2014, over 145 million user accounts were compromised. Hackers stole dates of birth, passwords, names, and addresses. The scariest part? They had access for 229 days before anyone noticed. Ouch.
- Equifax. You’d think one of the largest American credit bureaus would be secure, right? Nope. The company was exposed from May-July 2017, with the personal information of over 143 million US citizens compromised. We’re talking Social Security Numbers, addresses, birth dates, etc.
Achilles’ Heel = Social Media
The millennial is careful when they give credit card details to a shopping website, especially if they’re buying from a smaller company. They practice extreme care when handling their personal information when surfing the web. But bragging about last night’s exploits to everyone that will listen? Sharing their login details with friends due to peer pressure? That’s fair game, though it comes at a price.
According to Radware, 25% of millennials have ruined a friendship by posting something negative on social media. 20% have missed out on their dream job due to a publicly visible gaffe. And 31% have shared login details to services such as Netflix, which is a big problem considering how many people use the same username and passwords for a wide range of sites.
Proceed with Caution
Gen X and Baby Boomers are rightfully cautious about handing over their data online. However, this house believes they go a little too far with their approach to security. Without allowing companies to hold at least a wee bit of info, they’re not allowing for the best customer experience. They’ll miss offers, a bunch of free stuff, and an altogether more seamless and relevant online journey.
That doesn’t mean millennials should continue dishing out their information without a second thought. The fact is that hackers are out there, and they’ll continue to compete for your personal information. Instead of closing yourself off to the digital world, however, be careful about what you’re sharing, check your security settings on social media platforms, ensure you’ve got 2-factor authentication switched on, and conduct a security ‘spring cleaning’ on a regular basis.
Need A Massage? Learn How To Give One To Yourself And Your Loved Ones
Receiving a massage, whether it’s given by someone else or self-administered, can help loosen your muscles and establish a better connection not only with your body but also with the people you love.
