According to a recent global SafeNet survey, data breaches have a significant impact on whether a customer will interact with an organization again. It found that nearly two thirds (65%) of the 4,500 respondents across five of the worldís largest economies (US, UK, Germany, Australia, and Japan), would never or were

very unlikely to, shop or do business again with a company that had experienced a data breach where financial data was stolen. Data breaches are not just breaches of security. They are also breaches of trust between companies and their customers resulting not only in negative publicity, but also lost business.

GLOBAL RESULTS

Select a question

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) that had experienced a data breach?

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) if it had a data breach where only non-financial information (name, email address, mailing address) was stolen?

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) if it had a data breach where financial and sensitive information (card details, bank account, social security number, password) was stolen?

Do you feel companies take the protection and security of customer data seriously enough?

Key Findings

  • 65% of these Consumers are very unlikely to do business with companies that experience a data breach of financial information.
  • 59% are somewhat unlikely to do business with companies that experienced a data breach in general.
  • 57% are somewhat unlikely to do business with companies that experienced a data breach of Personal Identifiable Information.
  • 50% of consumers do not feel that companies are taking the protection and security of customer data seriously enough

What are the implications?

Only half of the adults surveyed feel that companies take the protection and security of customer data seriously enough Ė a sentiment thatís likely to have been influenced by the high volume of data breaches to date in 2014. With the increasing frequency of and size of data breaches itís clear that being breached is inevitable.

Cyber criminals are going after easier targets and that is frequently personal data which is often unencrypted. The implications are clear, it’s time for companies to start thinking about protecting more of that data with strong encryption and multi-factor authentication.

Conclusion

Another quarter with a large scale breach begs the question:
Why arenít businesses doing more to secure customer data and information. While many companies focus on the perimeter to keep the bad guys out, they often do not have a comprehensive plan to limit the damage them once they get in.

Thereís an easy fix for these breaches Ė utilize data-centric security with strong encryption and user access controls to protect critical data.

The benefits of encryption and multi-factor authentication have been known for some time, but companies just arenít doing it.

Itís the security industryís equivalent to flossing your teeth. Everyone knows itís good for you and the technology is available, but only a small percentage of companies do it well.

USA RESULTS

Select a question

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) that had experienced a data breach?

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) if it had a data breach where only non-financial information (name, email address, mailing address) was stolen?

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) if it had a data breach where financial and sensitive information (card details, bank account, social security number, password) was stolen?

Do you feel companies take the protection and security of customer data seriously enough?

Key Findings

  • 54% of these Consumers are very unlikely to do business with companies that experience a data breach of financial information.
  • 45% are somewhat unlikely to do business with companies that experienced a data breach in general.
  • 39% are somewhat unlikely to do business with companies that experienced a data breach of Personal Identifiable Information.
  • 49% of consumers do not feel that companies are taking the protection and security of customer data seriously enough

UK RESULTS

Select a question

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) that had experienced a data breach?

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) if it had a data breach where only non-financial information (name, email address, mailing address) was stolen?

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) if it had a data breach where financial and sensitive information (card details, bank account, social security number, password) was stolen?

Do you feel companies take the protection and security of customer data seriously enough?

Key Findings

  • 68% of these Consumers are very unlikely to do business with companies that experience a data breach of financial information.
  • 63% are somewhat unlikely to do business with companies that experienced a data breach in general.
  • 60% are somewhat unlikely to do business with companies that experienced a data breach of Personal Identifiable Information.
  • 51% of consumers do not feel that companies are taking the protection and security of customer data seriously enough

GERMANY RESULTS

Select a question

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) that had experienced a data breach?

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) if it had a data breach where only non-financial information (name, email address, mailing address) was stolen?

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) if it had a data breach where financial and sensitive information (card details, bank account, social security number, password) was stolen?

Do you feel companies take the protection and security of customer data seriously enough?

Key Findings

  • 53% of these Consumers are very unlikely to do business with companies that experience a data breach of financial information.
  • 37% are somewhat unlikely to do business with companies that experienced a data breach in general.
  • 39% are somewhat unlikely to do business with companies that experienced a data breach of Personal Identifiable Information.
  • 57% of consumers do not feel that companies are taking the protection and security of customer data seriously enough

AUSTRALIA RESULTS

Select a question

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) that had experienced a data breach?

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) if it had a data breach where only non-financial information (name, email address, mailing address) was stolen?

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) if it had a data breach where financial and sensitive information (card details, bank account, social security number, password) was stolen?

Do you feel companies take the protection and security of customer data seriously enough?

Key Findings

  • 72% of these Consumers are very unlikely to do business with companies that experience a data breach of financial information.
  • 45% are somewhat unlikely to do business with companies that experienced a data breach in general.
  • 46% are somewhat unlikely to do business with companies that experienced a data breach of Personal Identifiable Information.
  • 57% of consumers do not feel that companies are taking the protection and security of customer data seriously enough

JAPAN RESULTS

Select a question

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) that had experienced a data breach?

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) if it had a data breach where only non-financial information (name, email address, mailing address) was stolen?

How likely would you be to shop or do business again with a company (retail, financial, healthcare, social media) if it had a data breach where financial and sensitive information (card details, bank account, social security number, password) was stolen?

Do you feel companies take the protection and security of customer data seriously enough?

Key Findings

  • 82% of these Consumers are very unlikely to do business with companies that experience a data breach of financial information.
  • 72% are somewhat unlikely to do business with companies that experienced a data breach in general.
  • 74% are somewhat unlikely to do business with companies that experienced a data breach of Personal Identifiable Information.
  • 58% of consumers do not feel that companies are taking the protection and security of customer data seriously enough

Conclusion

Another quarter with a large scale breach begs the question:
Why arenít businesses doing more to secure customer data and information. While many companies focus on the perimeter to keep the bad guys out, they often do not have a comprehensive plan to limit the damage them once they get in.

Thereís an easy fix for these breaches Ė utilize data-centric security with strong encryption and user access controls to protect critical data.

The benefits of encryption and multi-factor authentication have been known for some time, but companies just arenít doing it.

Itís the security industryís equivalent to flossing your teeth. Everyone knows itís good for you and the technology is available, but only a small percentage of companies do it well.