Firms risk losing business if they demonstrate poor data security practices

Latest data has shown that many consumers will take their custom elsewhere should their personal data be compromised by a business’s poor security practices.

According to the PCI Pal® research, a third (33%) of UK consumers will avoid a business ‘for up to several years’ if personal data has been compromised – this could happen due to a business’ poor data security practices during Covid-19.

A further 30% say they “would never return”, representing a significant potential risk to organisations that have had to adapt working practice. Only 1 in 10 (11%) said “it wouldn’t impact” their loyalty to a business.

Geoff Forsyth, Chief Information Security Officer, PCI Pal®commented, “Cybercriminals are shamelessly opportunistic and are aiming to capitalise on the remote working situation. Hackers are working around the clock to steal data for profit and therefore consumers are rightfully holding businesses accountable for lax data security practices. This means that businesses must meet the highest compliance and security standards if they want to build and maintain customer loyalty during these unprecedented times.

“Our research suggests that a large proportion of consumers will shop elsewhere if businesses fail to deliver on data security. As organisations continue to adapt to the changing business and threat landscape, it is crucial to prioritise data security. This includes adjusting business models to meet the highest standards of security and compliance across all customer engagement channels.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.