According to a recent survey of Australian consumers, confidence in a company’s data security impacts their spending with that platform. The survey, which comprised of 2,000 consumers, found that 74% of Australians are less inclined to spend money with companies that cannot or will not secure their customers’ personal information. With increasing instances of financial fraud and data theft, who could blame them?
Local mayors are tired of paying the price for these attacks, and they codified this sentiment in a nonbinding, unanimous resolution at this year’s meeting of the U.S. Conference of Mayors where they vowed not to pay any more ransom demands.
To date, 34% of Australians experienced data loss from a company’s security breach or hack, and those numbers increase for younger generations that are more likely to participate in today’s expansive digital ecosystem.
Unfortunately, the retail sector and small businesses polled as the least trusted vendors, meaning that companies hoping to win customers need to make data security an integral part of their business strategy. Increasing the impetus to get this right from day one, 43% of consumers indicated that they would never return to a brand that compromised their data security.
Therefore, it’s clear that the need to identify vulnerabilities and to account for data security is more than just an altruistic endeavor. It’s mission critical for flourishing businesses in today’s increasingly digital economy. Don’t let this issue go overlooked.
With companies like ID Agent equipped to fortify your cybersecurity defenses, now is the perfect time to prepare your company for today’s evolving threat landscape.
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