High-profile breaches around the globe are putting consumers on edge and instilling a sense of mistrust that financial institutions and other businesses can deal with securing their sensitive information and data, according to two recent reports.
In the past year alone, Equifax suffered a massive breach which exposed the personally identity information of 143 million consumers in the US and Yahoo announced its 2013 breach ultimately affected all of its 3 billion account holders.
“The threat landscape is continually evolving,” says Pieter Penning, a PricewaterhouseCoopers (PwC) Cybersecurity and Privacy Practice partner.
Indeed. Consumers are aware of cybersecurity threats, such as the emergence of ransomware, and remain skeptical that companies can ward them off in an attack or prevent a repeat occurrence post attack, according to reports from PwC and the BAV Group, which surveyed more than 2,000 Americans as part of their Consumer Intelligence Series: Protect.me, and a study by Carnegie Mellon University professor Rahul Telang and his student Sriram Somanchi, who issued a report Security, Fraudulent Transactions and Customer Loyalty: A Field Study.