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Deloitte Consumer Review
Navigating Cyber Risks: Smooth Seas or Stormy Skies Ahead?
In the evolving digital economy in which we live, the data businesses collect on their customers and clients presents both significant risks and notable opportunities. How companies prepare now will have an increasing impact on how well they are able to navigate these new horizons and capture their benefits.
In the digital economy, businesses collect, store and analyse more information about consumers from more data sources than ever before. While access to real time information affords the opportunity to improve business decision making and increase profitability, this does not come without risks.
Cybercrime is a real and growing threat. Stories of business websites being taken down and hacked are reported almost every day. The financial and reputational impact of attacks is often significant. Businesses need to proactively monitor their online reputation and be vigilant about spotting and reacting to indications of potential problems.
The latest Deloitte research shows that almost half of all consumers whose bank details were lost or hacked in a cybercrime attack on a business claim they would never shop online or in-store with that business again.
Deloitte research also shows that consumers do not understand how to control the level of data available about them online and are distrustful of how businesses use their personal information. Consumers want more control over how their data is secured and would like businesses to provide them with more and better tools to protect their privacy online.
- 5 in 10 customers would no longer shop inshore or online with a particular company if there was a data breach concerning their bank details
- 6 in 10 consumers would only make an online purchase if they felt confident that their data was secure
- 7 in 10 consumers want businesses held responsible for the security of user data and personal information online
- 7 in 10 consumers do not want businesses to share their data with third parties
- 7 in 10 consumers want companies to provide them with tools to protect their privacy, security and reputation online
To address the trust gap, businesses need to become more transparent their data protection processes, educating consumers about how their data is used and explaining the benefits of allowing data to be shared.
The first step for businesses is to understand the data that they are amassing and to take an enterprise-wide view of the cyber risks they face. With appropriate planning, systems, technologies and monitoring, many attacks can be prevented and the impact of attacks, when they do occur, can be mitigated.