Irish-based consumer research has shown that almost half of Irish consumers would cease business with a store altogether if their bank details were compromised in a cyber attack on that store.
According to the review carried out by Deloitte, six in 10 Irish consumers would only make an online purchase if they were confident their data was secure.
While acknowledging their personal responsibility for protecting their own data online, the findings demonstrate the expectations with regards to data security that consumers have on the businesses they engage with.
76% of consumers want businesses held responsible for the security of user data and personal information online. Consumers also have a clear expectation on banks to keep them safe from online payment and credit card fraud, and also expect government to enforce data protection.
“We live in a digital economy. Businesses are amassing more personal information about their customers than ever before. This data is valuable to cyber criminals with the result that businesses are exposed to greater cyber risks than ever before,” said David Hearn, partner, Deloitte. “While consumers are alert to these dangers, they are distrustful of how organisations protect and use their personal information. Consumers want more control over their data privacy and would like businesses to provide them with better tools to protect themselves online. Businesses can begin to address the trust gap by being more transparent about the information they collect and reassuring consumers about how their personal data is protected.”
Findings show that consumers understand the dangers of sharing data on insecure networks and feel most comfortable when browsing and carrying out transactions on their home wi-fi network.
Despite their concerns about online privacy, just over half (53%) of consumers control their privacy settings and only 42% understand how to control the level of data or information available about them.
Only 29% feel their mobile phone is as secure as their laptop. A significant 38% consider that mobile devices are less secure.
Jacky Fox of Deloitte said: “Consumers attitude to public and in-store wi-fi shows that they are alert to the risks of cybercrime and concerned about the privacy of their personal information. This is both an opportunity and a challenge for consumer businesses.
He continued: “The first step for businesses is to understand the data that they are amassing and to take an enterprise-wide view of the cyber risks they face. By taking an integrated approach to cyber security, with the appropriate planning, systems, technologies and monitoring, many attacks can be prevented and the impact of attacks, when they do occur, can be mitigated.”