Most, 72 percent of UK consumers will now walk away from a brand in the event of a data breach which leaves their personal details compromised, it’s claimed from a survey. Public tolerance for cyberattacks which leave information exposed is at an all-time low, according to Sungard Availability Services (Sungard AS). The IT recovery and availability services firm says that the sectors most at risk of desertion from consumers under such circumstances as:
Financial services – 67 percent of consumers would switch provider
Online retailers (excluding grocery retailers) – 58 percent of consumers would switch provider
Online grocery retailers – 55 percent would switch provider
Video conferencing software/Social media platforms – 54 percent would switch provider
The firm also points to how unaccepting consumers now are of hacks that result in services going offline. Some 43 percent of respondents were stating they would immediately switch provider if a cyber-attack left an online service unavailable. This sentiment is particularly high amongst 18-24-year-olds (52 percent) compared with those aged 55-plus (41 percent), the study suggests.
Two thirds of respondents (67 percent) also stated they would switch provider if they became aware of any security flaws with the service – rising to 75% amongst 25-34-year-olds.
Comment
Chris Huggett, SVP EMEA at Sungard Availability Services said: “This research identifies the heavy impact that cyberattacks can have on brand loyalty today, especially amongst younger generations. With restrictions having been placed on almost every aspect of life at some point in 2020, people have become highly reliant on technology to help them cope. This dependence on online services, and the increasing amounts of data being shared digitally, is extremely attractive to hackers.
“Aside from fines, and loss of income following a breach, our data shows the impact it can have on consumer loyalty. People simply won’t accept security lapses anymore if it means their information is exposed or downtime is experienced. Brands must ensure the availability of their services so they can adapt and continue to serve and protect customers under all circumstances.”
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