The Latest Cybersecurity In The Consumer Goods Industry Statistics Explained
64% of consumers worldwide care about data privacy and would spend more money with organizations they trust, according to Cisco.
This statistic from Cisco indicates that a considerable majority, 64% of consumers globally, place significant importance on data privacy when interacting with organizations. It suggests that consumers are not only aware of the importance of safeguarding their personal information but are also willing to take action by showing a preference for companies they trust in terms of data protection. The statistic implies that organizations that prioritize and emphasize data privacy are likely to gain a competitive edge and potentially increase customer loyalty, as consumers are willing to spend more money with trustworthy organizations. This underscores the growing significance of data privacy as a key factor influencing consumer behavior and decision-making in the global marketplace.
According to KPMG, 19% of consumers would completely stop shopping at a retailer after a breach, and 33% would take a break from shopping there for an extended period.
The statistic provided by KPMG highlights the significant impact that data breaches can have on consumer behavior towards retailers. Specifically, the data shows that 19% of consumers would completely cease shopping at a retailer following a breach, indicating a high level of distrust or concern about the organization’s ability to safeguard their personal information. Furthermore, a larger percentage of consumers, 33%, would choose to avoid shopping at the affected retailer for an extended period, reflecting a more cautious and hesitant approach towards engaging with the brand. This statistic underscores the importance of data security measures for businesses in maintaining consumer trust and loyalty, as even a single breach can have lasting implications on customer relationships and overall business performance.
84% of consumers would consider switching to another retailer if a breach happened, as reported by Centrify.
The statistic “84% of consumers would consider switching to another retailer if a breach happened, as reported by Centrify” indicates a high level of concern and potential impact on consumer behavior in response to data security breaches. This suggests that the majority of consumers prioritize the protection of their personal information and are willing to take action by changing their shopping habits if a breach occurs. This highlights the importance for businesses to prioritize data security and implement robust measures to protect consumer data in order to maintain customer trust and loyalty. Failure to do so could result in significant consequences, including loss of customers and negative impact on the reputation and financial performance of the retailer.
Accenture noted that 75% of consumers refuse to buy from companies that they do not trust to protect their data.
The statistic mentioned by Accenture revealing that 75% of consumers are hesitant to purchase from companies they perceive as failing to safeguard their data underscores the critical importance of trust in the modern marketplace. In today’s digital age, where personal information is exchanged online on a daily basis, consumers are increasingly aware and concerned about the security of their data. Companies that are unable to demonstrate a commitment to data security risk not only losing potential sales but also tarnishing their reputation and damaging customer trust. This statistic highlights the necessity for businesses to prioritize data protection measures as a key factor in building and maintaining consumer trust, which in turn is crucial for sustaining long-term success in the competitive business landscape.
Nearly 60% of consumers worry the most about their personal data being stolen from businesses, based on Thales Data Threat Report.
The statistic, which states that nearly 60% of consumers worry the most about their personal data being stolen from businesses according to the Thales Data Threat Report, highlights a significant concern regarding data security among consumers. This finding suggests that a substantial majority of individuals are apprehensive about the security and privacy of their personal information when interacting with businesses. The high level of concern regarding data theft underscores the importance of companies prioritizing robust data protection measures to build and maintain consumer trust and safeguard against potential breaches that could compromise sensitive information.
92% of UK consumers say they will stop purchasing from companies that don’t protect their data, according to RSA.
The statistic states that 92% of UK consumers have indicated that they will cease purchasing goods or services from companies that fail to adequately protect their data, as reported by RSA. This implies a significant and overwhelming majority of consumers in the UK prioritize data security and privacy when choosing which companies to support. Such a high percentage underscores the growing importance consumers place on trusting organizations with their personal information and highlights the potential impact data breaches or lapses in data protection can have on customer loyalty and purchasing behavior in today’s digital age. Companies must therefore prioritize data security measures to maintain the trust and business of their customers in a competitive marketplace.
Losses from cybercrime damage are expected to reach $6 trillion annually by 2021, according to Cybersecurity Ventures.
This statistic indicates the projected financial impact of cybercrime in the business world, with anticipated losses amounting to $6 trillion worldwide on an annual basis by the year 2021. Cybercrime includes a range of malicious activities such as data breaches, ransomware attacks, phishing scams, and other forms of cyberattacks that target organizations and individuals, resulting in financial losses, reputational damage, and operational disruptions. The escalating costs associated with cybercrime underscore the growing importance of robust cybersecurity measures and proactive risk mitigation strategies for businesses to protect their assets, data, and overall operations against evolving cyber threats.
About 1.5 billion data records were exposed in the first half of 2018 alone, as reported by Gemalto.
The statistic that about 1.5 billion data records were exposed in the first half of 2018, as reported by Gemalto, highlights the alarming prevalence and scale of data breaches during that time period. This statistic signifies the significant impact of cyber threats and breaches on organizations and individuals across various sectors worldwide. The sheer volume of exposed records underscores the urgent need for robust cybersecurity measures and heightened awareness to protect sensitive information and privacy. It also emphasizes the importance of addressing vulnerabilities and implementing proper safeguards to mitigate the risks associated with data breaches in order to safeguard personal and confidential data.
Over 3/4 of retail organizations have a formal process in place to manage cybersecurity risks, according to PwC.
The statistic suggests that a majority of retail organizations, specifically over three-quarters of them, have implemented a formal process to manage cybersecurity risks within their operations. This indicates that these organizations recognize the importance of protecting their systems and data from potential cyber threats and are actively taking steps to mitigate these risks. By having a structured approach in place to address cybersecurity concerns, such as implementing security protocols, conducting risk assessments, and training staff on best practices, these retail organizations are demonstrating a proactive stance towards safeguarding their information technology infrastructure and customer data. Overall, this statistic highlights a growing awareness and prioritization of cybersecurity within the retail sector to ensure data security and maintain consumer trust.
From 2019 to 2022, the Cybersecurity Market for the Retail sector is expected to grow from USD 15.7 billion in 2017 to USD 30.9 billion by 2022, as stated by MarketsandMarkets.
The statistic provided indicates the projected growth of the cybersecurity market within the retail sector over a four-year period from 2019 to 2022. According to MarketandMarkets, the market size is expected to increase from USD 15.7 billion in 2017 to USD 30.9 billion by 2022. This significant growth is indicative of the rising importance of cybersecurity within the retail industry, driven by increasing cyber threats and breaches. The expansion of the market suggests that retail companies are recognizing the need to invest in robust cybersecurity measures to protect their customers’ data and secure their operations.
More than 75% of retail applications have at least one security vulnerability, according to Veracode’s State of Software Security Report.
The statistic that more than 75% of retail applications have at least one security vulnerability, as reported by Veracode’s State of Software Security Report, indicates a concerning trend of deficient security practices within the retail industry. This figure suggests that a large majority of retail applications are susceptible to potential cyber threats and attacks due to vulnerabilities present in their software systems. Such vulnerabilities could expose sensitive customer information, compromise payment transactions, and ultimately jeopardize the integrity and confidentiality of retail operations. This statistic underscores the imperative need for retail businesses to prioritize cybersecurity measures, conduct regular security assessments, and implement robust strategies to mitigate risks and safeguard their digital assets and consumer data.
The average cost of a data breach in the retail industry is $1.75 million, as reported by IBM.
The statistic stating that the average cost of a data breach in the retail industry is $1.75 million, as reported by IBM, highlights the significant financial impact that cybersecurity incidents can have on businesses within this sector. This figure represents the average expenses incurred by retail companies in terms of investigating and addressing breaches, mitigating damages, potential fines or penalties, as well as reputational damage and loss of customer trust. This statistic underscores the critical importance for retail organizations to invest in robust cybersecurity measures and data protection strategies to minimize the risk and potential costs associated with data breaches.
63% of U.S. consumers have deserted a product or service post-breach, as per Ping Identity.
This statistic indicates that a significant proportion of U.S. consumers, specifically 63%, have discontinued using a product or service after a data breach has occurred. This finding highlights the negative impact that data breaches can have on consumer trust and loyalty towards companies. Consumers may perceive data breaches as a breach of their privacy and security, leading them to discontinue their use of the affected product or service. As such, companies need to prioritize data security measures to maintain customer trust and mitigate the potential consequences of data breaches on their business operations.
23% of consumers are willing to share their data in exchange for better personalization, according to Merkle.
The statistic that 23% of consumers are willing to share their data in exchange for better personalization, as reported by Merkle, indicates that a minority of consumers are open to providing personal information in return for tailored experiences. This implies that a sizable portion of the population values the benefits of enhanced personalization, such as targeted recommendations or promotions, enough to consider sharing their data. Understanding this willingness to trade data for customization is crucial for marketers and businesses looking to implement personalized strategies that resonate with their audience while respecting privacy concerns. It highlights the importance of striking a balance between offering personalized experiences and ensuring transparency and trust in data collection practices.
78% of consumers expect their data to be protected without additional cost, as reported by RSA.
The statistic ‘78% of consumers expect their data to be protected without additional cost, as reported by RSA’ suggests that a significant majority of consumers have a strong expectation for the protection of their personal data without incurring any extra charges. This indicates a growing awareness and importance placed by consumers on data privacy and security in today’s digital age. Companies and organizations should take note of this expectation and ensure they have robust data protection measures in place, to build and maintain trust with their customers. Failure to meet these expectations may lead to loss of customer trust, reputation damage, and potential legal consequences.
More than 50% of consumers would spend more with consumer products companies that respond best to Cybersecurity breaches, according to PwC.
This statistic indicates that a majority of consumers are willing to increase their spending with consumer products companies that effectively address and respond to cybersecurity breaches. The data, provided by PwC, suggests that consumers value companies that take proactive measures to protect their personal information and overall cybersecurity. This finding underscores the importance of cybersecurity in maintaining consumer trust and loyalty in the retail sector. Companies that prioritize cybersecurity and are transparent in their response to breaches are likely to attract more customers and retain existing ones, highlighting the significant impact that cybersecurity practices can have on consumer behavior and purchasing decisions.
In 2019, every single consumer goods company participating in the EY Global Information Security Survey experienced a significant cybersecurity incident.
The statistic indicates that in 2019, all consumer goods companies surveyed in the EY Global Information Security Survey faced a substantial cybersecurity incident. This suggests that cybersecurity threats and incidents are pervasive and impactful within the consumer goods industry. The fact that every single company experienced an incident underscores the importance of robust cybersecurity measures and protocols within the sector. It also highlights the need for continuous vigilance and investment in cybersecurity defenses to protect sensitive data, intellectual property, and customer information from potential cyber threats and attacks.
References
0. – https://www.newsroom.ibm.com
1. – https://www.www.merkleinc.com
2. – https://www.www.marketsandmarkets.com
3. – https://www.www.pwc.com
4. – https://www.it.toolbox.com
5. – https://www.www.gemalto.com
6. – https://www.cybersecurityventures.com
7. – https://www.www.veracode.com
8. – https://www.home.kpmg
9. – https://www.www.pingidentity.com
10. – https://www.www.centrify.com
11. – https://www.www.ey.com
12. – https://www.www.accenture.com
13. – https://www.www.thalesgroup.com
14. – https://www.www.rsa.com
