Data breaches - bad news for brands

Data security is a legitimate worry for today’s consumers around the world. Approximately one half (49%) of respondents report that they are more concerned about protecting their personal information than they were one year ago. This is evident by the lack of confidence consumers around the world have in a brand’s ability to safeguard personal information.

●        A data breach could be game over for a brand. A significant number of respondents (81%) would stop engaging with a brand online following a data breach.

●        Consumers expect companies to protect them. The expectation from 63% of consumers is that a company is always responsible for protecting data. This includes when users fall victim to phishing scams or use an unencrypted Wi-Fi connection.

●        Sharing of personal data is a problem for consumers. More than half of respondents (55%) say a company sharing their personal data without permission is even more likely than a data breach (27%) to deter them from using that brand’s products.

●        Social media companies don’t instill trust. Social media companies are the least trusted among sectors, with only 28% of respondents reporting they feel confident in these platforms’ ability to protect their personal information.

●        Poor login experiences lead to cancelled service. Almost two-thirds of consumers (65%) are frustrated by login experiences and one-third (33%) have stopped using a device, app or service, or have left a bad review following an inconvenient login experience.

“There’s no question, businesses risk losing customers and damaging their brands if they lack strong, transparent data protection practices,” said Richard Bird, chief customer information officer, Ping Identity. “With a large percentage of consumers holding companies responsible for data protection, there is a competitive advantage for organizations that deliver secure and convenient experiences through identity management—and with that, a danger for those who don’t.”