Consumer data under attack: The growing threat of cyber crime
The Deloitte Consumer Review
The latest Deloitte Consumer Review found that consumers are becoming distrustful about corporate motives and practices around the collection and use of personal data. How can consumer businesses respond?
In today's increasingly digitised world, the amount of data accessed, utilised and shared across complex networks continues to grow.
With the risk of cyber crime rising, companies need to sharpen their focus and ensure they protect the trust of their customers - both consumers and businesses alike. Our 2015 report found that 84% of consumers expect companies to be held responsible for ensuring the security of user data and personal information online.
So what can companies do to make consumers feel confident in handing over their personal data?
Consumer confidence and cyber crime
Consumers are increasingly concerned about organisations having access to or holding their personal information. Our research shows that there is a significant increase in the proportion of people having experienced some form of cyber-security breach since 2013, and fewer are 'doing nothing' as a result.
Companies now need to be transparent not only in how they use consumers' personal information, but also in how they communicate the potential benefits and risks of sharing their data.
Cyber crime and business: understanding the imperatives
All research discovered within The Deloitte Consumer Review points to the need for organisations to be transparent and to act quickly when they realise consumers' data has been breached. Our research highlights four key areas of focus for consumer-facing business in developing their cyber strategy:
- Develop an integrated approach to cyber security with board-level accountability
- Know your cyber assets
- Build trust with consumers
- Develop a response plan.
Creating a robust cyber-security strategy
Cyber crime remains a growth industry with the risk of wider and more powerful cyber attacks on businesses intensifying. Our research shows that 64% of consumers want companies to introduce more identification authorisation processes on their websites.
However, cyber security requires not just the right technologies to counter the crime but also the right enterprise-wide strategy. The right strategy needs to recognise that cyber security is not just an IT issue, boards need to take note of consumers' awareness and cynicism about how their data is used.