Customers will leave if a business suffers a cyberattack or data breach

24 Mar 2016

Faster than a speeding arrow - customers will walk after a firm suffers a cyber attack or succumbs to a data breach

More than half of consumers said they would cease doing business with a store if their bank details were compromised in a cyberattack or data breach.

In fact, according to the research from Deloitte, three-quarters of Irish consumers want businesses to be held responsible for the security of user data and personal information.

A similar number do not want businesses to share their data with third parties and want companies to provide them with tools to protect their privacy, security and reputation online.

According to the Deloitte Consumer Review – Navigating Cyber Risks, six in 10 Irish consumers would only make an online purchase if they were confident their data was secure.

Great expectations

The research also shows that consumers also have a clear expectation on banks to keep them safe from online payment and credit card fraud, and, also, expect governments to enforce data protection.

“We live in a digital economy,” said David Hearn, partner at Deloitte. “Businesses are amassing more personal information about their customers than ever before.

“This data is valuable to cyber-criminals, with the result that businesses are exposed to greater cyber risks than ever before.

“While consumers are alert to these dangers, they are distrustful of how organisations protect and use their personal information. Consumers want more control over their data privacy and would like businesses to provide them with better tools to protect themselves online.

“Businesses can begin to address the trust gap by being more transparent about the information they collect and reassuring consumers about how their personal data is protected,” Hearn said.

Main image via Deloitte

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years