Businesses Can Lose Half of Customers after a Data Breach, Research Shows – Security Boulevard

The results are somewhat different across the UK and Australia, but similar between the two territories. In the UK, 44% will hesitate to do business with the breached entity for several months, and 41% will never return. In Australia, the percentage of customers is equal, at 43%, for both decisions.


For example, 83% of consumers in the US claim they will stop spending at a business for several months immediately after a security breach. 21% will never return to that business. In Canada, the results were similar. 58% of consumers claim they will stop spending at a business for several months post-breach, and a fifth will abandon their services outright.


A surge in cybercrime is making consumers increasingly aware that they are not exempt from data breaches. People are also finding themselves forced to take matters into their own hands and resolve the damages caused by an organization’s weak data privacy practices. Because of this, they are starting to abandon businesses that fail to secure their data, according to a survey by PCI Pal.


Recent high-profile data breaches in the United States, United Kingdom, Australia and Canada and elsewhere have heightened consumers’ caution regarding data privacy and cybersecurity.


Consumers across the globe are seriously concerned about the data security practices of the companies they do business with, and would take their money elsewhere after a data breach, according to a new study.