14 DAY TRIAL // Business advisory firm Deloitte has released the fourth edition of its Consumer Review report. The study shows that cybercrime has become highly problematic in the United Kingdom, with around 4.6 million consumers having their personal details stolen and their bank accounts used to illegally purchase services or goods.
The report has also found that 65% of consumers reported receiving phishing emails. In addition, one in three respondents admitted to having fallen victim to cybersquatting.
As far as trust in companies is concerned, Deloitte says only 44% of the respondents believe organizations are telling the truth when it comes to the quality of their data security procedures.
40% of UK consumers don’t think their data is safe when they share it with an organization, even if the organization is a trusted one.
“People are doing more and more online, and as consumers’ digital activities expand, so does their data footprint,” said Chris Gaines, partner in Deloitte’s enterprise risk services practice.
“Consumer awareness of cyber crime is at an all-time high, fuelled by first-hand experience and media coverage of recent high profile security breaches, not to mention government regulation such as the EU ‘cookie law’ which requires organisations to tell web users how their cookies will be used.”
It’s worth noting that 88% of Internet users believe the company they’re handing their data to is responsible for keeping it safe.
In addition, two thirds of the respondents said they would more likely use the services of a firm that showed some interest in keeping their information secure.
29% of those affected by a data breach said they dumped the company responsible for losing their data.
“There is an opportunity for companies to gain a competitive advantage if they can show customers their information will be safe. Customers expect businesses to protect their personal information and are ready to shop elsewhere if these expectations are not met,” Gaines added.
The complete Deloitte Consumer Review report is available here.