Data security taking a back seat with APAC consumers
F5’s latest report Curve of Convenience 2023 Report: The Pursuit of APIs has revealed that 79 percent of Asia Pacific consumers are willing to grant companies access to their data in exchange for better utility and customer experience, with 96 per cent percent willing to save sensitive data onto websites and applications for a more streamlined process.
In recent years, it has become standard practice for users to log in to websites and services using third-party authentication, such as through a user’s existing Google or Facebook accounts. These trends reflect a collective desire for convenience, speed, and personalization at every stage of a consumer’s digital experience. These features are often enabled by an Application Programming Interface or API, which helps to improve efficiency and are applicable to almost all businesses if it touches on money transfers and digital payments. Like any web application however, these APIs can be exploited and abused unless properly protected, resulting in security breaches and fraud, putting entire digital ecosystems at risk.
“Striking the right balance between usability and security is often a challenge, but it can be done – with the help of a suitable checklist and security solutions that enable continual discovery and protection of APIs, organizations will be able to implement a positive API security model that enhances risk management and fosters digital innovation,” said Adam Judd, Senior Vice President, Asia Pacific, China, and Japan, at F5.
“Although APAC consumers are willing to share their data, it is important for organizations that deliver digital services to be reminded that they must also be proactive in seeking out trustworthy security providers to secure their data,” said Jessie Tung, Growth Strategist & Co-founder, twimbit. “Thus, it is important for them to deliver holistic data security measures to gain the trust of both the service provider and end user.”
With a growing reliance on digital services and consistent headlines about data breaches, APAC consumers are also increasingly concerned about data security. The Curve of Convenience 2023 report also revealed that over 75 percent of APAC consumers are ready to withdraw support from a company in the event of a data breach despite offerings like supreme services and products, with 53 percent interested in knowing the sensitive data compromised during a data leak. These findings signify the importance of data security in the minds of Asia – Pacific consumers and businesses, many of which do not prioritize it at risk of losing their competitive edge.
