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data breaches influence consumer purchases

Data Breaches Influence Later Consumer Purchases

By John DiGiacomo

Information Age has reported on a survey by Thales of UK consumers, which found that data breaches influence consumer purchases. The survey found that 84% of UK consumers would  stop using a brand’s service after a data breach. Only 16% of consumers would continue using a brand if they discovered they had many data breaches. One in five consumers said they would stop using the service completely. Only 37% of consumers said they would continue using the service only if there was no alternative.

The results showed that theft of money from bank accounts was the primary concern, cited by 46% of respondents, second to identity theft (38%).

“The theft of money from someone’s bank account as the result of a breach is a very tangible fear, but realistically it is much less likely than other outcomes,” said Sol Cates, VP of technology strategy at Thales e-Security. “The implications of identity theft should pose far more of a concern.

‘They can be extremely painful and long lasting, with clean-up from incidents taking months or even years, and having long term effects on using and obtaining credit when it is really needed. Once your data is ‘in the wild’, your life is never the same.”

Forming a Data Breach Response Plan

These numbers make clear that data breaches influence consumer purchases. Companies to have a clear data breach response plan in place in the event of a data breach. If you have been the victim of a data breach, contact our experienced data breach attorneys today or call us at 855-473-8474.

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