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Following a data breach, 33 percent of customers would shop elsewhere

More than 30 percent of customers would stop shopping at a retailer that suffers a large data breach, according to a recently released study.

Published Fri, May 2 2014 7:29 PM CDT   |   Updated Tue, Nov 3 2020 12:17 PM CST

Customers want companies to do a better job of keeping their personal information secure, with a recent survey finding 33 percent of customers would shop elsewhere following a major data breach. Companies want to maximize sales and profit, but aren't doing enough to try and keep customers secure, including credit and debit card information, phone numbers, email addresses, and other personal data.

Following a data breach, 33 percent of customers would shop elsewhere | TweakTown.com

"Once thought to be a theoretical consequence, new evidence clearly shows consumers become less apt to open their wallets and patronize a company after a data breach," according to the study from Identity Finder. "In addition to potential lost business and goodwill, a breached company may find itself saddled with the cost of litigation and subsidizing identity protection services for affected customers."

Following a major data breach suffered by Target last year, in which company executives reportedly knew about a possible security issue, the popular retailer found customer approval suffered "meaningful decreases."

NEWS SOURCE:scmagazine.com

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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