According to a survey released today, 64% of consumers worldwide are unlikely to continue doing business with a company that has experienced a financial data breach. When the data breach only affects personal information, the number is slightly lower at 49%. The stats are derived from a global survey performed by Gemalto, a digital security provider, entitled “Broken Trust: ‘Tis the Season to Be Wary,” which polled consumers in Australia, Brazil, France, Germany, Japan, United Kingdom and United States. 

The study raises interesting questions about consumer loyalty and brand perception with regards to information security. While a significant portion of consumers state that they are unlikely to do business with organizations that have exposed consumer data, the significant breaches experienced by insurance companies such as Anthem, retailers like Target, and the Sony PlayStation Network are likely to test that resolve. Proximity to physical stores and lack of alternatives in the marketplace could influence customers to continue their relationship with such companies after a breach. There’s also a value proposition that has to be considered – is it worth continuing to use a company if the perceived value it provides supersedes the risks of another breach?

The survey also revealed that customers are increasingly aware of data security trends, with 59% of respondents believing that threats to personal information increase during the holiday season. As evidenced by the increasing amount of phishing emails sent on behalf of parcel delivery providers as well as other seasonal threats, they are resolutely correct. Additional findings of note include that 31% of respondents have already been affected by a breach. Additionally, survey respondents believe the most likely causes for being the victim of a breach are visiting fraudulent websites (42%), phishing (40%) or clicking a fraudulent link (37%). Almost a quarter (23%) of respondents who have been the victim of a breach would consider taking legal action against the company who exposed their personal information. The survey suggests that consumers are becoming more informed with regards to data security practices and that such practices may significantly impact brand loyalty, consumer retention and the stability of a company's revenue.