Two thirds of consumers in the UK would ‘break up’ with a brand if it suffers a data breach.
That's according to a new report by Talend which highlights the importance of businesses engaging with customers to ensure they provide high-quality data security.
British users are far more discerning that those in the US, France and Germany, with more than eight in ten (82 per cent) expressing concerns about security and privacy.
“With GDPR just around the corner, this is another reminder of the paramount importance of cyber security and data privacy for any business engaging with customers in the UK,” said Patrick Booth, VP UK & Ireland at Talend.
“Most businesses already know that breaches of that regulation could lead to fines of up to €20 million or four per cent of global annual turnover for the preceding financial year. Findings from this survey around the further impact of data breaches on customer churn should create a sense of urgency for companies to mandate high standards for data governance and security.”
The Internet of Things will also be a significant challenge in years to come, the survey found, with the volume of data expected to explode. A quarter of UK consumers (26 per cent) say they have an IoT device, and 79 per cent believe manufacturers should require consumers to use strong login credentials.
The survey also says UK companies are ‘beginning to understand’ how important data safety really is. Three quarters of respondents said ‘they or one of their team could face disciplinary action and / or penalties’ for a data breach.
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