Consumers prepared to ditch brands after cybersecurity issues

In 2023, businesses have been hit with 800,000 cyberattacks, over 60,000 of which were DDoS attacks and 4,000 falling victim to ransomware, according to Vercara.

The research found that consumers hold nuanced perceptions regarding cybersecurity incidents and are often less aware of the role they play in maintaining cyber hygiene within a business.

These findings underscore brand trust’s important role in the digital landscape – with an overwhelming 75% of consumers expressing their readiness to sever ties with a brand in the aftermath of any cybersecurity issue.

It takes a lot to earn consumer trust, especially after a successful cyberattack. 66% of US consumers would not trust a company that falls victim to a data breach with their data and 44% of consumers attribute cyber incidents to a company’s lack of security measures. Interestingly, 54% extend a degree of leniency toward smaller brands grappling with cyberattacks, in contrast to their higher expectations for larger businesses.

Reckless behavior from consumers

These findings, coupled with the lack of awareness of how cyberattacks start, have led to reckless behavior from consumers – 55% of respondents use their corporate devices for online shopping, inadvertently posing risks to business infrastructure. However, 35% believe it’s challenging to impersonate large e-commerce brands.

“In the current cyber landscape where most attacks start with some form of social engineering, it’s important for businesses to see their security policies through the eyes of their most vulnerable link – the employees,” says Colin Doherty, CEO at Vercara. “It’s important to run regular awareness and training sessions not just for the IT and cyber departments, but for all employees, as even more sophisticated ransomware and DDoS attacks can be spotted sooner if everyone knows what to look out for.”