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In a rapidly evolving digital landscape, consumer trust is more valuable than ever. A recent survey conducted by Vercara, a leading provider of cloud-delivered security services, sheds light on the significant impact of cyber security data breaches on brand loyalty. The findings highlight that a staggering 75% of consumers are willing to sever ties with a brand after a cyber security breach, emphasising the heightened expectations placed on larger businesses.
According to Vercara’s research, 66% of US consumers express a lack of trust in companies that have fallen victim to data breaches. For 44% of respondents, cyber incidents are directly attributed to a company’s perceived lack of security measures. This underscores the critical role that brand trust plays in shaping consumer perceptions in today’s interconnected world.
Interestingly, the survey reveals that consumers are lenient toward smaller brands grappling with cyberattacks, with 54% extending understanding. In contrast, expectations for larger businesses are notably higher, reflecting the belief that industry leaders should uphold stringent cybersecurity measures.
While consumers hold businesses accountable for cybersecurity, the survey also highlights a lack of awareness among individuals about their own role in maintaining cyber hygiene. A significant 55% of respondents admit to using their corporate devices for online shopping, unknowingly posing risks to business infrastructure.
Additionally, 35% believe it is challenging to impersonate large e-commerce brands, demonstrating a gap in understanding the tactics employed by cybercriminals.
Colin Doherty, CEO at Vercara, emphasizes the crucial need for businesses to prioritize cybersecurity measures.
In a statement, he advises, “In the current cyber landscape where most attacks start with some form of social engineering, it’s important for businesses to see their security policies through the eyes of their most vulnerable link – the employees.”
Doherty underscores the importance of regular awareness and training sessions for all employees, not just those in IT and cyber departments, to enhance overall cyber resilience.
In 2023, the business world witnessed a staggering 800,000 cyberattacks, including over 60,000 DDoS attacks.
Vercara’s research indicates that ransomware attacks affected 4,000 businesses. The severity of ransomware attacks reached unprecedented levels in September 2023, with 514 victims exposed in leak sites and the emergence of new threat actors, as revealed in a report by NCC Group.
As businesses navigate the complexities of the digital era, the survey underscores the critical importance of maintaining consumer trust in the face of cyber security challenges and in this case, a data breach.
By proactively addressing security measures and fostering awareness among employees, companies can not only protect their digital assets but also secure the loyalty and confidence of their customers in an ever-evolving landscape of cyber threats.
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