Latest Ping Identity survey reveals the high price firms pay for data breaches

Latest Ping Identity survey reveals the high price firms pay for data breaches

Ping Identity, a US-based security software company, has revealed that as many as 81% of consumers in Western markets would stop engaging with a brand online following a data breach. 

The revelation came as part of Ping Identity’s 2019 Consumer Survey: Trust and Accountability in the Era of Breaches and Data Misuse, which surveyed adults in the United States, United Kingdom, Australia, France and Germany. It revealed that consumers took security extremely seriously, and damaging trust could have disastrous effects. 

49% of respondents report that they are more concerned about protecting their personal information now than they were one year ago. Consumers are putting a lot of faith in companies, with 63% of those surveyed noting that a company is always responsible for protecting their data, even if the victim falls for phishing scams or use an unencrypted Wi-Fi network. 

“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.”

It’s not just about the security, however, with consumers also looking for an enjoyable shopping experience. Online companies without a physical presence have the most to lose; while many legacy firms lean on their years of knowledge and personal service, those online have to rely on being easy to use. That’s why 33% of those responding to the survey noted that they had stopped using a device, app or service, or have left a bad review following an inconvenient login experience.

Thankfully, shopping services tend to have a reasonable level of trust within the marketplace. At the bottom of the pile is social media services, with only 28% of respondents reporting they feel confident in these platforms’ ability to protect their personal information.