A recent article on darkreading.com showed results of a survey on consumer loyalty and data breaches called SailPoint Market Pulse Survey, conducted online by Harris Interactive.
The survey was conducted to groups of consumers in order to gauge consumer confidence that organizations are protecting their data against breaches. The online survey was conducted among 2,241 adults in Great Britain, 1,023 adults in Australia, and 2,309 U.S. adults.
Not surprisingly, with the breaches of financial institutions, retailers, and healthcare organizations that have been occurring, affecting large numbers of consumers, consumers are becoming cynical about how these organizations are protecting their information against data breaches.
Not only are they losing confidence, but it is making them more cautious about doing business with certain financial institutions and retailers.
The exposure of personal information, including personal medical information when that information is moved to an electronic form was of high concern. They worried about identity theft and invasion of privacy if that data was leaked to the internet, to other staff members, or even to their employers.
The survey indicates that a data breach at a financial institution or retailer can severely impact consumer loyalty. According to the survey, 16% of Americans, 24% of Britons, and 26% of Australians said they would no longer do business with a bank, credit card company or retailer if a security breach occurred that exposed their personal or financial information.
Within these groups, 10% of Americans, 14% of Britons and 16% of Australians would not only not do business with that organization, but also would tell their family and friends not to do business with that same organization.
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