Friday, October 18, 2019

Data Breaches Threaten Companies' Financial Viability

Throughout 2019, new research is illuminating the extensive financial consequences of a data breach. Not only are direct costs increasing, but consumers are making sure that business feel financial pain for failing to protect their information. 

According to a report by PCI Pal, consumers are prioritizing data security by spending money at companies with demonstrated track records of data security and integrity and declining to shop at companies that have comprised consumer data. 

Specifically, 44% of UK customers, 83% of US consumers, 43% of Australian shoppers, and 58% Canadian users claimed that they will stop or reduce spending at companies that experience a data breach.

Moreover, such patterns can inflict future consequences, as consumers will search the competitive landscape for new products and services, making it increasingly difficult for compromised companies to win back old customers.

Since keeping your existing customer base is significantly more affordable than finding new clients, prioritizing data security should be at the top of every company’s to-do list. When internal resources can’t cover the entire responsibility, seek assistance from qualified collaborators (like us!) that can assess your cybersecurity posture while partnering with you to provide the resources necessary to keep customer data safe.

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