Americans don't trust tech companies on data privacy

Americans have finally started to lose faith in tech companies' ability to protect their information, according to a survey fielded by HarrisX, a research consultancy, within 24 hours of Facebook CEO Mark Zuckerberg’s testimony before Congress this month.

And, the survey also finds that the majority of people want government to do more to regulate Big Tech, especially social media companies.

The numbers that matter:

• 83% think we need tougher regulations and penalties for breaches of data privacy.
• 67% support major online privacy and security legislation being considered in the U.S. (such as Consent Act) and Europe (GDPR).
• 65% support the Honest Ads Act requiring political advertisements on social media to list who paid for them, just like political ads on radio, print and TV.
• 59% say they support an Under 16 Privacy Bill of Rights, to ensure kids under 16 have the right to have their online data permanently deleted.
• 53% believe large technology companies should be regulated by the federal government the way big banks are.

Yes, but: 38% think the federal government isn’t capable of regulating large tech companies, while 31% think it is capable.

Bottom line: A majority (58%) of people believe regulation of Facebook and other social media companies is inevitable. But it’s not clear they trust the government to get it right: 49% say of congressional representatives do not understand how Facebook works.