Data breaches are a common occurrence, with organizations large and small falling victim to online attackers. The impact of a data breach is not just the economic loss of data; a breach also leads to the loss of customer loyalty as well.
Ping Identity recently released the results of its 2018 Consumer Survey: Attitudes and Behavior in a Post-Breach Era, unveiling consumer sentiments and behaviors toward security and brands impacted by data breaches.
The collected data highlights the importance of protecting customer data, with the survey finding that 78 percent of respondents would stop engaging with a brand online after a data breach.
“With the prevalence of data breaches and leaks, enterprises must have the proper controls in place or they become at risk of losing consumer trust and business,” said Sarah Squire, Ping Identity CTO. “In the same way that brands are expected to provide user-friendly experiences, they also must understand the value and importance of strong identity management strategies.”
User Demographic Breakdown
The survey, which polled over 3,000 adults across the US, the UK, France, and Germany, also found that 36 percent of respondents said they would stop doing business with a brand entirely if it suffered a data breach. Further, 49 percent said they wouldn’t sign up for an online service or app that had recently suffered a breach.
The survey also found that American respondents were less protective of their sensitive personal information. Sixteen percent of US respondents said they were willing to share their social security numbers with brands, compared to only nine percent in France, six percent in Germany, and four percent in the UK. Meanwhile, Americans were most likely to have experienced a data breach, with 27 percent claiming victimhood, compared to 21 percent of the French, 17 percent of Germans, and 15 percent of Brits.
The Cost of Security
Ping’s report found that more than half of respondents are not willing to pay for added security from application and service providers. Yet, 59 percent of respondents said they prioritized the protection of data when interacting with an app.
Organizations should know exactly what customer data is being managed and where it is hosted. Online applications and services should implement proper precautions to ensure adequate privacy and data protection. Companies should also perform risk assessments to determine potential cyber threats and protective measures.
The survey results prove it’s very much in the interest of businesses to adequately protect consumer information.