Risk

8/1/2018
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48% of Customers Avoid Services Post-Data Breach

Nearly all organizations hit with a security incident report a long-term negative impact on both revenue and consumer trust.

Today's customers have higher standards for where they store their data – and their trust in businesses is falling, as evidenced by a new report investigating online trust in the digital age.

Nearly 80% of consumers report it's "very important" or "crucial" their personally identifiable information (PII) is protected online, and 86% say a high level of data protection is a priority in choosing online services, according to "The Global State of Online Digital Trust," from CA Technologies and Frost & Sullivan.

About half (48%) of organizations report involvement in a publicly disclosed data breach. Of those, nearly all say they have experienced a long-term negative impact related to client trust and/or revenue. Half of the respondents whose businesses had been breached report strong long-term negative effects on both consumer trust (50%) and business results (47%).

Consumer trust in businesses is in a precarious state following breaches at major organizations, including Equifax, Deloitte, Uber, CEX, and Ticketmaster. Most business leaders (84%) think trust is growing, but consumer responses indicate the opposite. Only 38% of users say their trust has increased – a sign that organizations aren't in touch with client needs and perceptions. Only half of consumers polled say they are willing to exchange personal data for online services.

Read more details here.

 

 

 

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