While most people think more needs to be done to punish businesses that lose sensitive customer data, only a minority of people would not do business with a company that had suffered a data breach.
A recent consumer survey* found that 90% of people believe not enough is being done by the authorities to punish businesses that lose sensitive customer information.
Over two thirds of respondents said they had concerns about sharing their personal data with companies. 53% are concerned with how securely their data is stored and just 33% are concerned that the information will be sold to other businesses.
However, only 12% said they would not do any business with a company that has suffered an IT security breach – which shows consumers themselves may need to be more forthright in punishing such companies.
Over half (57%) said that, while they would continue to do business with an organisation that has suffered an IT security breach, they would limit the information they shared with it.
David Keating, security manager of Data Solutions (who commissioned the survey) said consumers want businesses to be completely up front when it comes to data breaches.
“Communicating a breach with customers can protect a business’ reputation,” says Keating. “Transparency is vital in the wake of a security attack.”
*The research was commissioned by Data Solutions and was completed by the Marketing Development Programme at UCD Michael Smurfit Graduate Business School in February 2014. A total of 300 Irish consumers were interviewed. The results of this survey will form some of the discussion at the Secure Computing Forum on the 13th March 2014 in the Gibson Hotel, Dublin.