CDSA

Nearly 50% of consumers worldwide expect to be affected by a data breach at some point, and nearly a third have already experienced one, a jump of 7% year-over-year, according to a new report from OpSec Security.

According to their “OpSec Barometer: Navigating the New Normal Online” survey of 2,600 consumers, 46% of data breach victims say they’ve been contacted by brands about their data being compromised anywhere between two to five times, and 9% say they’ve been contacted more than five times. OpSec’s report points to those stats as a reason 55% of consumers say companies aren’t doing enough to protect their data.

“The frequency which data breaches are occurring is leaving many consumers desensitized. In fact, our research found 30% of those who have been the victim of a data breach were unsurprised when they found out about it,” said Bill Birnie, SVP and GM of OpSec Security’s Online Division. “However, this desensitization is often also paired with the expectation that organizations will have the protections in place to safeguard personal data and credit card details, and that the consumer will be reimbursed for any resulting monetary losses. Despite this, large-scale data breaches are continuing to damage brands, as 64% of victims have lost trust in the company or brand that lost their data.”

Among the 40% of consumers who say they’ve been impacted by data theft, a mere 9% of those who had fallen victim to phishing schemes had money returned, the report found.

“As many consumers now run much of their lives online following the impact of COVID-19, businesses must be more proactive about cybersecurity and online consumer protection than ever, with solutions in place to stop these threats in their tracks,” Birnie said. “Failing to do so can be extremely costly not only in terms of compliance with data management regulations, but also by customer loss. 28% of consumers who have lost trust in a company due to data breaches say they won’t shop with the brand again.”

And with online shopping at record highs due to the COVID-19 pandemic, nearly half of consumers say they are concerned about using their credit cards to make online purchases, with 62% worried hackers can access their personal details, and 58% worried about scammers.

“Keeping consumers safe online encompasses everything from safeguarding their data and credit card details, to protecting them from those selling counterfeit goods,” Birnie said. “Brands must take a proactive approach to consumer safety and the best way to achieve this is by partnering with experts, such as OpSec, to ensure they have the tools and processes in place that allow them to quickly detect any possible threats and take the necessary action to prevent any attacks.”