Global Banking & Finance Review – Social Media Companies Believed to Be Vulnerable

gbaflogoA majority of consumers are willing to walk away from businesses entirely if they suffer a data breach, with retailers most at risk, according research from Gemalto, the world leader in digital security. Two-thirds (66%) are unlikely to shop or do business with an organization that experiences a breach where their financial and sensitive information is stolen. Retailers (62%), banks (59%), and social media sites (58%) are the most at risk of suffering consequences with consumers prepared to use their feet.

Surveying 10,500 consumers globally, Gemalto found that, across all ages, 93% are placing the blame squarely on businesses and would think about acting against them. Social media sites worry consumers most, with 61% concerned companies in this space don’t adequately protect consumer data, followed by banking websites (40%).

Businesses have no choice but to improve their security if they want to address frustrated consumers that don’t believe the onus is on them to change their security habits, says Jason Hart, CTO, Data Protection at Gemalto. Social media sites in particular have a battle on their hands to restore faith in their security and show consumers they’re listening “ failing to do so will spell disaster for the most flagrant offenders, as consumers take their business elsewhere.

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