New research from the Institute of Consumer Services finds that three in four Brits no longer believe that organisations and companies will ever be able to protect their data. Cybercrime is not new but is now classed as one of the top 4 risks affected UK businesses.
This article was published by City A.M/Institute of Consumer Services.
From TalkTalk to Carphone Warehouse and Ashley Madison, massive hacks have hardly been out of the spotlight this autumn.
It now appears that the constant stream of highly-publicised data breaches have begun taking their toll on UK businesses’ reputation with consumers.
Three in four Brits no longer believe that organisations and companies will ever be able to protect their data, according to fresh research from the Institute of Consumer Service.
An overwhelming majority are demanding that more be done to tackle cybercrime. Of the 1,000 people polled, 83 per cent wanted businesses to be more transparent about how they protect customer data, and 81 per cent wanted more government action, including renewing data protection legislation and imposing fines against lax businesses.
“Acceptance of the inevitability of cyber attacks may be a reality, but British consumers have become increasingly concerned about the way organisations use customer data and protect it, once a breach has happened,” says Jo Causon, chief executive of the Institute of Customer Service.
British consumers are also unforgiving, it would appear, as one in four said that “nothing could restore” their trust in a company after a breach.
The UK’s government has been stepping up its game in the fight against the growing risk of cybercrime. Recently, it classed cyber security as one of the four top threats against the UK, alongside natural disasters, international terrorism and a military invasion.
George Osborne announced this week that he would be doubling cybersecurity spend over the next five years, spending an extra £1.9bn to tackle the growing threat.
With some 2.5m cybercrimes and over 5.5m cases of online fraud reported last year, this has become the UK’s single most common offence by far.