A recent survey of 2,000 consumers in the UK revealed that two-thirds of the public no longer trust online businesses to keep their data secure. Only 24% claimed they were unconcerned about data breaches. Although 34% expressed a disappointing loss of trust, they continued to make purchases with the company for the time being. At 28%, more than a quarter of consumers considered data loss to be a serious matter and were prompted to take their custom to businesses that could offer more reassurance over security.
Losing Data and Profit
The most significant statistic of the survey involved the 6% who chose to avoid using online businesses altogether. It is a trend that could be potentially damaging if the public were more aware of the true extent of how many times data is lost. Although security breaches are frequently in the news, they constitute only 10% of all such incidents. In the not too distant future, companies will be obliged to reveal any security breaches regarding personal data within three days of them occurring. If a business is seen as a repeat offender, customers are inevitably going to turn to other alternatives.
Although the Data Protection Act is well-known amongst three-quarters of the public, up to 57% were unable to determine exactly how many security breaches involved their personal data. Almost one quarter of the public believed that consumers should be compensated financially if a company managed to lose their data in a security breach. Online businesses have a responsibility to keep their customers’ data secure. It is in their own best interests to install up to date security systems to try and regain the confidence of a disillusioned public.