75% of consumers prepared to ditch brands hit by ransomware

As 40% of consumers harbor skepticism regarding organizations’ data protection capabilities, 75% would shift to alternate companies following a ransomware attack, according to Object First.

Consumers request data protection

Furthermore, consumers request increased data protection from vendors, with 55% favoring companies with comprehensive data protection measures such as reliable backup and recovery, password protection, and identity and access management strategies.

As organizations intensify their digital transformation initiatives, data volume expands exponentially while ransomware attacks dominate the cyberthreat landscape.

The survey emphasized the evolving concerns and demands for robust backup, protection, and recovery strategies. The results underscore the necessity of a preemptive, effective backup and recovery plan to circumvent intricate, time-consuming, and costly recovery processes that could undermine vendor trust and jeopardize long-term business growth.

“Given the indispensable role of data in today’s world, it is no wonder consumers are seeking greater protection as organizations generate and consume more data than ever. With the escalating ransomware threat, data protection must be a core concern for every business. While preventing a ransomware attack is the ideal scenario, it is not always feasible,” said David Bennett, CEO of Object First.

“Consumers take data protection seriously, and organizations must prioritize safeguarding consumer data against modern threats. This can be achieved by ingraining immutable data resilience as core to cyber security strategy,” Bennett continued.

Consumer concerns on the rise

81% of consumers report feeling “very scared or worried” about their data being held by organizations lacking robust resilience against ransomware. After an attack, 1 in 3 consumers demand evidence of resilient backup and recovery strategies, and 30% lose all confidence in the company’s data protection plan.

Accountability expectations are escalating

75% of consumers are ready to shift to a competitor should a company suffer a ransomware attack. Moreover, a second ransomware attack causes 61% of consumers to reassess their negative perception of data protection and recovery practices.

Ransomware attacks impact generations differently

While 37% of Gen Z prefers an apology from companies experiencing a ransomware attack, ranking 12% higher than monetary compensation, Baby Boomers are less forgiving. 74% of them agree their trust in the vendor is irreparably damaged after suffering more than one ransomware attack, compared to only 34% of Gen Z.

Object First’s research illuminates an alarming rise in consumer apprehension regarding companies’ capability to safeguard their data against ransomware attacks. Immutable on-premises backup storage can provide vendors with secure, unalterable, and ransom-proof data, restoring consumer confidence and preserving brand reputation.