A Ping Identity study has revealed that 78% of people would no longer use a retailer’s online site if it had suffered a data breach.
The 2018 Consumer Survey, which polled more than 3,000 people across Europe and the US, also found that:
- 48% of people won’t sign up for an online service if the organisation has recently been breached;
- 56% of people won’t accept an increased service fee in exchange for increased security protections; and
- 59% of people prioritise the protection of their personal information when using an online service. By contrast, only 12% of people prioritise convenience, and 7% prioritise a personalised user interface.
The results of this study show that the public is increasingly aware of the risks that come with sharing data, and that customers are quick to hold organisations accountable for security failures. If organisations can’t demonstrate their ability to keep information safe, customers will go elsewhere.
How can your organisation retain customers’ trust?
Organisations looking to reduce the risk of data breaches can look to regulatory requirements for guidance. The likes of the PCI DSS (Payment Card Industry Data Security Standard), the GDPR (General Data Protection Regulation) and the NIS Directive (Directive on security of network and information systems) can often seem intimidating, with complex rules and harsh penalties for non-compliance, but it’s important to remember that they are designed to keep organisations’ services and customers’ data secure.
Best practices and compliance take time to implement and maintain, but doing so is much less expensive and stressful than suffering a data breach, or being unable to maintain operations during a disruption.