Vulnerabilities / Threats
5/18/2016
11:10 AM
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Survey: Customers Lose Trust In Brands After A Data Breach

Survey by FireEye highlights customer reluctance to continue with service providers with weak cybersecurity.

The average customer worries more about cybersecurity than companies believe -- and the cost of a data breach is much more than meets the eye. That was the verdict of a market poll commissioned recently by cybersecurity provider FireEye on growing public concerns regarding data privacy.

The survey was conducted among US consumers by independent technology market research specialist Vanson Bourne. Around 2000 adults were interviewed within the US in April. 

Emerging themes include the fact that consumers are likely to be less trusting of major brands that have suffered a large breach and in the case of case of personally experiencing a breach, 90 percent of repondents said they would want to be informed within 24 hours.

Of those interviewed, 76 percent said they would move away from companies with a high record of data breaches while 72 percent said they will now “share fewer personal details with companies”.

This stance is likely to hit businesses of entities like search engines and social media platforms that are dependent on collecting consumer data for advertisers, says FireEye.

For complete details of the survey, click here.                               

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RyanSepe
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RyanSepe,
User Rank: Ninja
5/23/2016 | 10:16:37 AM
Re: Growing awareness
"One other reference point in one survey (KPMG, Feb 2016) was that a huge majority of procurement managers surveyed would consider removing a breached supplier from their rosters"

That's interesting to note. Vendors/third parties can affect ones brand reputation as well. Also, depending on how a company interacts with a third party, that third parties security shortcomings can become a monumental risk to the organization to which they provide service.
RyanSepe
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RyanSepe,
User Rank: Ninja
5/23/2016 | 10:12:45 AM
Indirect Cost
Brand reputation loss is an indirect cost of a breach. Though difficult to measure in dollars, it can be more detrimental to a company then direct costs from a breach.
Vertices
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Vertices,
User Rank: Apprentice
5/23/2016 | 9:21:01 AM
Growing awareness
Recent studies in the UK also show broadly similar statistics. One other reference point in one survey (KPMG, Feb 2016) was that a huge majority of procurement managers surveyed would consider removing a breached supplier from their rosters. Sobering.

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