Vercara Research: 75 Percent of Consumers Would Stop Purchasing from a Brand if it Suffered a Cyber Incident

Findings underscore the pivotal role brand trust plays in the digital landscape

Vercara, a leading provider of cloud-based services that secure the online experience, recently researched the importance of consumer trust in businesses. 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.

“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”

Vercara’s 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 the pivotal role brand trust plays 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.

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It takes a lot to earn consumer trust, especially after a successful cyberattack. The majority (66%) of U.S. 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.

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 difficult 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.”

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To navigate the festive season and beyond, businesses must have a proactive stance towards all cybersecurity challenges as consumers and employees become more focused on the end-of-year period. Despite the holiday season, all departments should remain aware of the risks associated with using corporate devices for personal reasons to lower the risks of unpleasant surprises in the form of cyberattacks. Internal awareness campaigns should be paired with regular training sessions focused on identifying phishing emails, emphasizing the profound impact a single click can have on business security.