Technology companies come and go, but Bit by Bit backs its service with 30 years of experience helping businesses achieve their goals with reliable IT solutions and support. We were established in 1987 as a database application development and networking company, and since then we’ve evolved into a full-service IT firm and leader in delivering powerful and cost-effective technology solutions. visit our site at www.bitxbit.com
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.
Bit by bit helps client networks run smooth and secure.. visit our website at www.bitxbit.com
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