Busting Five Myths on Data Breaches that Companies Should Note
With insights and analysis gathered from a consumer survey conducted by Stax, Brett Conradt wrote a piece last year for CNBC debunking five myths about data breach that could impact retailers’ profit and share price. Entering the holiday shopping seasons, it’s vital for executives to understand the long-term effect breaches have on consumer sentiment and attitude.
Myth 1: Most consumers don’t know or care about data breaches.
Retailers may be shocked to learn that nearly 70 percent of the consumers we surveyed could correctly identify companies that had been breached. And they care. When asked how reports of data breaches have impacted their shopping habits, 15 percent of respondents said they generally stopped shopping at breached retailers and 23 percent generally stopped using breached payment methods. Furthermore, our survey found that when a consumer has been a victim of a breach, his or her reactions are even more pronounced.
You can read all the debunked myths in the rest of Brett’s article here.
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