Gemalto in its recent survey finds out that data breaches and mostly sensitive information related to consumers has a high risk of getting stolen and that may take away business with retailers who are mostly at risk. Surveying 10,500 consumers globally, Gemalto found that, across all ages, 93% are placing the blame squarely on businesses and would think about acting against them. Consumers are mostly worried about social consumer sites, with 61% concerned companies in this space don’t adequately protect consumer data, followed by banking websites (40%).
According to research, 66% unlikely to shop or do business with an organization that experiences a breach where their financial and sensitive information is stolen. Retailers 62%, banks 59%, and social media sites 58% are the most at risk of suffering consequences of data breach and consumers prepared to use their feet.
The study finds out that around 70% of consumers feel the responsibility for protecting their data rests on the company holding it and any data breach happening the companies are liable for it. This has made data protection a major consideration for consumers when interacting with a brand, with 82% wanting organizations to have greater online security measures. These concerns are prompted by 91% believing that there are applications and websites they currently use which pose a risk to the protection and security of their personal identifiable information.
A quarter of respondents feel as though companies take the protection and security of customer data very seriously. Taking matters into their own hands, consumers are not giving businesses anywhere to hide, as the majority of respondents have either already provided organizations with feedback on what security methods they are offering.
“Businesses have no choice but to improve their security if they want to address frustrated consumers that don’t believe the onus is on them to change their security habits,” says Jason Hart, CTO, Data Protection at Gemalto. “Social media sites in particular have a battle on their hands to restore faith in their security and show consumers they’re listening – failing to do so will spell disaster for the most flagrant offenders, as consumers take their business elsewhere.”
Consumers that were surveyed have already been a victim of fraudulent use of their financial information (26%), 19% through fraudulent use of their PII, and 16% of identity (ID) theft. Worse, consumers have no faith that things are going to improve, as two-thirds (66%) are worried that at some point in the future their personal information will be stolen. Although consumers believe that the onus of protecting their data and sensitive information is the responsibility of companies. The study reveals that 55% of respondents continue to use the same password across different accounts and not aware to change the same. The younger generation is more ready to take legal actions against brands that lose their data than older generations.
The survey done between age group of 18-24-year olds revealed that 67%, they would take fraudsters and brands that suffered a breach to court, compared to just 45% for 65yrs and over, with a further 28% of generation z (18-24 year olds) at least considering it.
“As young people become the big spenders of the future, businesses are risking not only alienating their current and future revenue streams but also their reputation if they continue to give the impression that they don’t take data security seriously. Moving forward businesses must start doing the basics properly; protecting their most valuable asset, data, with the correct security control” said Jason Hart.
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