March 29th, 2023, Kineree Shah
If a company has experienced data breach in the past, three in five Britons say they are unlikely to trust it with their personal information in the future (64%) - a new YouGov Survey (Serviced) of 2,000 respondents reveals. These findings are a stark reminder of the toll of data mishandling on consumer trust in a company.
In the event that an attack occurs, and data is lost, what should a company do – can they earn back their customers’ trust?
After a security breach, two in five consumers want companies to explain clearly what happened and what actions they are taking to prevent it in the future (44%). A fifth of consumers are willing to forgive but say that companies must offer compensation for any financial losses incurred because of the breach (22%). About a tenth of consumers say companies should offer credit monitoring or identity theft protection services (9%). A small portion of Britons say brand trust can be regained by firing or disciplining employees responsible for the breach (4%).
But a key takeaway of this survey is that one in 10 Britons say no organisation can regain their trust after a data breach. This highlights the severity of the situation and underscores the long-term cost of losing consumer trust. While companies may face regulatory fines, downtime, maintenance costs, or customer compensation as a consequence of data breaches, the most significant cost may be the irreversible loss of trust from customers.
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Methodology
YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. This study was conducted online on 17th - 19th March 2023, with a nationally representative sample of 2,001 adults in GB (aged 18+ years), using a questionnaire designed by YouGov. Data figures have been weighted by age, gender, education, region, and race to be representative of all adults in British (18 years or older), and reflect the latest ONS population estimates. Learn more about YouGov Surveys: Serviced.
Photo by Tima Miroshnichenko on Pixabay