May 12, 2018 — New study shows that consumers are likely to spend more with online retailers that demonstrate strong cybersecurity.
Ryan Wilk, VP at NuData, comments on a report issued yesterday by Information Security Buzz News, disclosing that according to the research, 79% of consumers rank cybersecurity as top criteria when selecting retailers, and 65% of consumers would stop or reduce transactions from retailers as a result of a data breach.
It’s refreshing to see UK consumers including online security as an important factor when choosing a company to transact with. Fifty percent of consumers who took the survey feel highly sensitive about cybersecurity and data privacy, and over 40% of consumers are willing to increase their online spend if they receive assurances that build their trust. These new trends underline that a company’s security framework can have a direct effect on a company’s revenue.
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