We get plenty of reports on people being asked if they'd continue doing business with organisations that got breached. Sometimes, the reports are positive, saying people understand all the hard work organisations put into securing their data and that sometimes, breaches can happen.
On other days, these reports claim people would walk away from such companies, never to look at their direction again. Today is one of those days. A new report by The Internet Society, called 2016 Global Internet Report, says 40 per cent of users would not do business with a company that suffered a data breach. In the same report, organisations are given five tips on how to reduce the number and impact of data breaches globally – put users at the centre of solutions, increase transparency about the risk, prioritise data security, increase accountability and increase incentives to invest in security.
“One of the key questions raised by this report is why organisations are doing so little to protect their customers’ data?” said Michael Kende, Economist and Internet Society Fellow who authored the report.
“Everyone knows that data security is a major issue for both consumers and businesses, yet companies are not doing everything they could to prevent breaches.”
“According to the Online Trust Alliance, 93 per cent of breaches are preventable. And steps to mitigate the cost of breaches that do occur are not taken – attackers cannot steal data that is not stored, and cannot use data that is encrypted. This status-quo isn’t good enough anymore. As more and more of our lives migrate online, the cost and risk of a data breach is greatly increased, and will lead to lost revenues and a lack of trust.”
The full report, which also tackles the issue of IoT, can be found on this link (opens in new tab).
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