One in three consumers worldwide has been the victim of a data breach involving a company holding their personal information, according to research by cybersecurity firm Thales.
The companies report (opens in new tab) found that 82% of these data breach victims experienced some sort of negative impact on their lives as a result, not surprising since data breaches can put victims at significantly higher risk for issues such as identity theft protection.
Despite the virtual ubiquity of data breaches, the survey found that 82% of consumers remain confident that online digital service providers will protect their personal data to some degree.
How should companies respond?
Thales’ research also looked at consumer views on how companies should deal with data breaches.
More than half – 54% – believe companies should enforce mandatory data protection controls such as encryption and two-factor authentication after a data breach.
The report also found that many consumers are willing to vote with their wallets and hit companies where it hurts when it comes to data protection issues.
Just over a fifth (21%) of consumers surveyed by Thales said they would stop using a company that suffered a data breach, with 42% requesting that their information be removed.
The research was also able to reveal some statistics about how trust varies between regions and between industries.
Thales’ research found that the financial sector was by far the most trusted sector among those surveyed, with confidence at 42%.
This was followed by healthcare and consumer technology, which were trusted by 27% and 32% of consumers respectively.
Media and entertainment scored the worst of all categories surveyed, trusted by just 12%, with governments trailing just behind with only 14% of consumers trusting them.
The report also found that consumer confidence varied widely by country.
Brazil and Mexico were by far the most trusted countries among those surveyed, with 95% and 92% respectively when asked, “To what extent do you trust online digital services such as shopping, social media, travel, etc. when it comes to security of your personal data?”.
The same cannot be said for consumers in the UK, Australia and France, where only 20% of those surveyed could say the same.