UK businesses prioritise financial loss over consumer trust

(Image credit: Image source: Shutterstock/AlexLMX)

Businesses in the UK are rushing to digitally transform, and that means they often leave their doors wide open to cybercriminals and other various types of fraudsters.

Even though they understand the value of a healthy cybersecurity posture, they’re willing to risk it a bit. However, when it comes to ranking, they’d rather risk consumer relationships and reputational loss, rather than financial loss.

This is according to KPMG’s report, based on a poll of more than 1,800 CISOs and 2,000 consumers, worldwide.

The Cyber Security Consumer Loss Barometer report states that more than half (55 per cent) of CISOs would rather risk customer relationships than their hard-earned greens. At the same time, consumers worry if businesses would misuse their details, and aren’t sure if they would feel the consequences of a data breach, and to what extent.

CISOs would love to get more financial support from their organisation, with a third saying their cybersecurity budgets could budge a bit. They’d also love to find more talented people, because more than half consider this a huge challenge.

The icing on the cake is frequent communications. Just nine per cent of CISOs can brief senior execs on cybersecurity on a regular, monthly basis. A third provides quarterly briefings, while the majority does it twice a year.

“Consumers have a much better awareness of cyber risk and how their information can be compromised,” commented Paul Taylor, cyber security partner at KPMG UK.

“This increased awareness correlates to their expectations when it comes to digital security. Businesses should see this as an opportunity to redefine their relationship and build their trust with consumers.”

Image source: Shutterstock/AlexLMX