Despite major breaches, the IDPS market contracted by $500 million since 2015
Javelin Strategy & Research’s new report reveals lack of familiarity with subscription features drags post-breach subscriptions down
San Francisco, CA, April 4, 2017: The identity protection services market has contracted by $500 million since 2015, to total $3.7 billion in 2017 according to the new Javelin Strategy & Research report, 2018 Identity Protection Service Market Report: Building Engagement to Deepen Customer Relationships.
The new report finds that successfully building long-term relationships with subscribers requires establishing awareness of the product benefits, providing a robust set of useful capabilities, and consistently engaging with subscribers. Frequent engagement is an important driver of satisfaction. Individuals who interacted with their IDPS subscription within the last week gave their subscription a Net Promoter Score (NPS) of 31, while subscribers whose most recent interaction was more than a week ago gave their subscriptions negative NPS.
“To achieve high levels of engagement, IDPS providers need to develop active strategies for interacting with their users,” said Al Pascual, SVP, Research and Head of Fraud & Security at Javelin Strategy & Research. “Regular updates such as “all clear” notifications and updates on data breaches can provide timely insights and alert users that their personal information may have been exposed. More importantly, they remind subscribers that the IDPS provider is monitoring for suspicious activity, providing an opportunity for the provider to offer advice on securing their finances against fraud.”
The report further explores the growing connection between identity protection and data security, Providing tools to help secure users’ everyday activities, such as password managers or safe browsing tools, can make an IDPS subscription relevant even when fraud does not occur.
Related Research by Javelin Strategy & Research
- 2018 Identity Fraud: Fraud Enters a New Era of Complexity
- 2017 Identity Protection Services Scorecard: Securing the identities of digital consumers
- 2017 Data Breach Fraud Impact Report: Going undercover and recovering data
About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, is a research-based advisory firm that helps its clients to make better-informed business decisions in a digital financial world. Our analysts offer unbiased, actionable insights and unearth opportunities that help financial institutions, government entities, payment companies, merchants, and other technology providers. (Twitter: @JavelinStrategy)