This audit is used so you can lodge any data breaches that you come across by your competitors. Upon receipt, we will investigate your compliant and upon confirmation, they will be listed in our non-compliant database. Brand reputation for non-compliance does have a negative impact (aside of possible monetary penalties).
A Centrify study found that 65 percent of data breach victims lost trust in an organization as a result of the breach. IDC found that 80 percent of consumers in developed nations will defect from a business if their information is compromised in a security breach.
On top of lost trust, companies also need to worry about the networks of directly affected customers. An Interactions Marketing survey found that:
- 85 percent tell others about their experience
- 5 percent use social media to complain about their experience
- 20 percent comment directly on the retailer’s website
The magnitude of any data breach is far-reaching thanks to the internet. A company’s widespread negative reputation specifically from a breach can damage their overall reputation more than they realize. This can ultimately impact their bottom line. Security Magazine reported on a study that found:
- 52 percent of consumers would consider paying for the same products or services from a provider with better security
- 52 percent of consumers said security is an important or main consideration when purchasing products or services.