What happens to consumer trust when a business is breached?

consumer trustIn this podcast recorded at Infosecurity Europe 2016, Bill Mann, Chief Product Officer at Centrify, talks about what happens to consumer trust when a business is breached.

The Centrify study of 2,400 people across the UK, Germany and the US, looks at consumer attitudes towards hacking and how likely consumers are to continue transacting with businesses, including retailers, banks, government, travel, health and hospitality organisations, after a cyber attack.

To some degree, most consumers expect to be hacked today, with 73 percent in the UK admitting that it has become normal or expected for businesses to be hacked. Despite this, only half feel that they are taking enough responsibility for the security of their customers’ or members’ personal information.

Most people believe that the burden of responsibility for security falls to the business. About two-thirds in each country rated organisations as a 9 or 10 on a 10-point scale in terms of how responsible they should be for preventing hacks and securing the personal information of their customers.

Individuals most likely to take their business elsewhere following a data breach include those who have had their personal information compromised in a hack previously, people who are tech savvy and who shop regularly online.