Eight in 10 UK Millennials trust that the personal information they provide online is kept private, according to new research from Satsuma.

The study of 1,000 people aged between 18 and 24 found that banks are the most trusted institution, with 85 per cent of Millennials having faith that their bank keeps their information private and safe.

Six in 10 respondents also trust online retailers with their personal information, and would be happy to make an online purchase with a new retailer, while 61 per cent believe that social media sites such as Facebook or Snapchat keep their data safe.

This is despite recent statistics from Verizon that show the number of ransomware attacks has doubled in the past year, with cyber criminals now moving into business critical systems, which encrypt file servers or databases.

Almost half (48 per cent) admitted they were happy to share as much information as necessary, if this resulted in a better deal for them on a product or service. A quarter of those questioned said they “didn’t care” if their data was shared with other companies.

A spokesperson from Satsuma commented: “With the new laws on GDPR coming into effect from May, and companies such as Facebook being forced to become transparent with regards to their use of data, consumers will be more protected than before, but it’s still really crucial for everyone to be vigilant and careful when it comes to safeguarding their own personal data.”

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