Bridging the gap between convenience and security is key to customer retention

Our lives are often filled with trade-offs: have that extra slice of cake or lose weight; work longer hours and earn more or spend time with family; binge-watch Netflix overnight or get quality sleep.

These trade-offs are boundless, especially in the digital world we live in today. In fact, the main reason technology exist is to make things easier and more convenient for us. But at what price?

Take Amazon’s new service, the Amazon Key for instance. It relies on Amazon’s Cloud Cam and a compatible smart lock to let couriers in and track their movements, taking away the first-world problem of having to wait for another available delivery timing if you’re not home to receive it. Apart from the immediate concern of allowing a stranger into your home unsupervised (and having things potentially stolen), the thought of having a connected camera recording what is going on inside your home at all times can be unnerving and invasive. It goes to show that a high level of convenience does come with a certain level of risk.

Balancing privacy concerns and convenience gets increasingly important as we become more app-centric. Global numbers show app downloads have surpassed 175 billion, with Asia being the main growth driver at a whopping 115 billion downloads. Users will continue to have higher expectations and want real-time intuitive and secure engagements. Against this backdrop, organizations need to address these demands to gain a bigger slice of the profit pie.

As such, how do they find that sweet spot between convenience and security without compromising the user experience? Leveraging findings from F5 Networks’ latest Curve of Convenience, which polled over 714 respondents here in India, here are some of the key trends that are shaping app usage behaviors in India.

‘The Networking’ Indian

India is seen as the country least mindful about security when it comes to app usage, with only 49 percent prioritizing security over convenience—as compared to the regional average of 54 percent.

Indians have become more aware of what they are sharing online, thanks to increasing cybersecurity awareness. However, what’s more worrying isn’t just the spate of cyberattacks, but the increasing instances of data misuse by companies we easily trust. We saw how 5.6 lakh Indians were affected by Facebook’s Cambridge Analytica scandal, where their personal information were misused. And what’s left for the social media giant to deal with is not just the data leak, but the erosion of trust among user following the breach.

Given the growing complexity of cyberattacks, it is important for businesses handling personal data to safeguard against these vulnerabilities. At the same time, there is also a need for greater transparency and accountability for the data available. The European Union (EU) underscored the importance of this with the recently implemented General Data Protection Regulation (GDPR), which will penalize businesses that risk exposing their customers’ data. Financial costs aside, it can lead to serious reputational damage as well as the loss of trust among existing customers.

Sharing is caring, but… is it safe?

The sharing economy has exploded in popularity in the past few years. If you’ve taken an Uber ride to the airport or rented an Airbnb apartment, you’ve been a part of it. While these services have provided us with greater convenience and savings, the constant need to share data presents a new set of cybersecurity risks.

In an app-centric country such as India, it’s not uncommon to find users willingly giving up their personal data such as their credit card information and passwords to shave off precious minutes of waiting. Think about those instances where we store our card payment data on e-Commerce sites for easy check-out. The default single-sign-on (SSO) has become a commonplace that people don’t think twice before providing it. Users do not realize that convenience has opened up an entire ecosystem of vulnerable devices and data that are interconnected, a gold mine for cybercriminals.

Cybersecurity is slowly but surely becoming a priority for many businesses, especially in the wake of recent events such as Aadhar data breach which saw the personal data of Indians getting leaked. This coincides with the attitudes of Indians, with 48 percent will stop using an app when compromised.

Millennials – bane or boon?

More than 60 percent of the world’s Millennials (aged 18–34) will reside in Asia Pacific by 2020. Born into technology, they are used to the convenience of having everything they need at their fingertips, whether it be shopping, paying bills, or keeping up with their friends’ activities. Such ingrained habits will naturally follow them as they enter the workforce.

However, their nonchalance towards security is worrying. While Indian Millennials are more aware of cybersecurity, the figure is still lower when pitted against other demographics. We see only 44 percent of Millennials choosing security over convenience, while this number increases for the Gen Xers (49 percent) and Baby Boomers (64 percent).

Millennials need to better understand the level of security threats they are under or risk being the primary reason for security breaches. Indulging in risky behaviors such as responding to suspicious calls asking for banking information or shopping online without security software can lead to fraudulent incidents.

Finding that sweet spot

The reality is that businesses today continue to struggle to find the sweet spot on the ‘Curve of Convenience’ – what we refer to as the trade-off between security and convenience – in order to balance the end-users need for security and want for convenience.

With the right mindset comes the right steps to security. Our Curve of Convenience represents the journey users go through as they evolve in their digital sophistication and realize the importance of security in apps. As apps continue to dominate Asia Pacific, it is critical for businesses to understand where their customers stand on the Curve of Convenience to deliver the right user experiences, or risk losing them. At the same time, this also presents an opportunity for businesses to win new customers if they can find the balance between security and convenience, more than half (51%) are unsatisfied with their overall app experience, hinting that businesses still have a long way to go towards retaining customers.

On a bigger scale, understanding the app behaviors of end-users can guide city planners when it comes to driving smart city initiatives such as moving towards a cashless society. Most importantly, an application protection strategy based on placing customers’ data first will be key to finding that sweet spot between convenience and security.

Ravi Kasinadhuni
VP Product Development and India Site Lead at F5 Networks