“Many organisations are struggling to prepare themselves to deal with the wide range of different cyber attacks. Cyber security has moved beyond simply being an IT issue; it is now a business-wide risk which requires immediate attention at the highest level.”
Consumers don’t forgive companies that allow their personal details to be hacked. According to consultant and risk manager Deloitte, consumers would rather stick with companies that raise prices than those which compromise their personal data.
Incredibly, the Deloitte consumer review – which was reported by the UK’s BBC (link below) – found that over 20% of consumers have experienced theft of their personal information, and that their account details have been used to make fraudulent purchases.
As consumers, we have long memories when it comes to our personal data being stolen. Many people will still remember the LinkedIn hack of 2012, when some 6.5 million passwords were hacked. US consumers still recall the Target hack, and UK consumers are still recovering from the shock of TalkTalk hack.
So it’s not surprising when Deloitte say that network security is not just an IT issue any more: it’s a core business issue that needs to be monitored at board level.
SecludIT founder Sergio Loureiro says that proactive monitoring of network vulnerabilities should be high on the agenda for C-Suite marketers and financial managers. “The Deloitte survey shows that consumers’ trust in companies to safeguard their personal data has dropped from 29% to 23% since 2013.”
Sergio continues: “For companies who have invested heavily in e-commerce, that’s a worrying statistic. Imagine the effect if consumers simply lost confidence in online shopping, or in
registering for online services.” Sergio adds that another statistic not reported by the BBC is that 84% of consumers expect companies to be responsible for the effects of security breaches.
Related article: Network Security. It’s Time To Get Proactive.
Link to download the Deloitte report:
Read more the Deloitte report on consumers and IT security on the BBC site: