83 Percent of Consumers Stop Spending at a Business after Security Breach or Hack
Hikvision Outlines Password Tips, Cybersecurity Best Practices
New research from secure payment provider, PCI Pal, found that 83 percent of consumers stop spending with a business for a few months following a security breach or hack at that business, according to an article in Security magazine.
The study also found that 21 percent of consumers will not return to a business after a security breach. Perception of cybersecurity at a given company also influences consumer behavior. Forty-five percent of respondents said they spend less money with brands that appear to have insecure data practices, according to the article.
“While security breaches are not new, US consumers’ attitudes towards them seem to be changing significantly—with the vast majority of Americans now reporting that trust in security practices (or lack thereof) influences not just where, but also how, and how much they spend,” said James Barham, COO at PCI Pal, in the article.
Barham added, “What’s really interesting is how consumers are increasingly questioning data security practices. Sixty-one percent know they should check a company’s security process and 28 percent say they question businesses directly or research how they safeguard consumer data. This suggests a real change in how consumers prioritize privacy and security.”
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Hikvision’s cybersecurity director, Chuck Davis, has penned a number of blogs offering tips to develop and remember complex passwords, avoid malware by identifying phishing emails, and other cybersecurity best practices to reduce the risk of security breaches and other cyber threats. Click this link for more from Hikvision’s cybersecurity blogs.