Most consumers are reluctant to continue to do business with a company that has suffered a financial data breach, according to a recent global survey by SafeNet of more than 4,500 adult consumers. Almost two-thirds (65%) of the respondents said they would never or were very unlikely to do business again with a company whose customers’ financial information had been breached.
The SafeNet Breach Level Index for the second quarter of this year reported a total of 237 breaches between April and June, compromising more than 175 million customer records containing personal and financial information. Only two of the 237 breaches were considered secure breaches where encryption protected the stolen data from being used.
Three of the top five breaches were in the United States, the other two in Europe. Additionally, the United States accounted for 85% of the records compromised worldwide, followed by Germany with 10%. At the industry level, retail was the biggest loser with more than 145 million records lost or stolen, followed by government, which accounted for 11% of the records lost or stolen.
For advice on strengthening your organization’s ability to protect itself again data breaches, download the free ARMA International Hot Topic “Securing Information: Strategies for Cradle-to-the-Grave Protection.”