Friday, June 5, 2020

Consumers Seek New Options After a Cyberattack


While many organizations are focused on the bottom line during the COVID-19 downturn, cyber-readiness must be considered as a critical piece of the puzzle. According to a recent consumer survey, today’s customers are placing a high priority on cybersecurity, often requiring it as a prerequisite for doing business. 
For instance, 90% of those surveyed consider a company’s trustworthiness when deciding to purchase a product, and nearly 60% indicated that they would avoid doing business with a company that experienced a cyberattack in the past year. 
When cyberattacks cause a service disruption, 37% of survey participants indicated that they would switch to a competitor, and 66% were prepared to leave if operations weren’t restored within three days. The survey results were especially problematic for financial service providers and communications products, two industries that consumers are readily prepared to abandon in the event of a cybersecurity incident.  
The global survey that included shoppers in North America, the United Kingdom, France, and Germany found that consumers overwhelmingly feel that businesses aren’t doing enough to protect their information. 
80% of respondents noted that they shared negative ransomware-related brand experiences with family, friends, or colleagues, accelerating brand erosion and piling on to the long-lasting implications of a cyberattack. For companies navigating an already harsh business environment, it’s clear that customer retention may be contingent on their ability to defend their networks from an ever-evolving threat landscape. 

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