According to a new FireEye report where 5,500 people were interviewed during April 2016 in Europe and the US:
- 90 % of respondents would expect to be informed within 24 hours if their service provider had suffered a data breach which could have compromised their data.
- 76 % of respondents would likely take their business elsewhere due to negligent data handling practices
- 75 % of consumers stated they were likely to stop purchasing from a company if a data breach was found to be linked to the board failing to prioritize cyber security.
- 72 % of consumers also reported that they will now share fewer personal details with companies
- 59 % of consumers warning they would take legal action against companies if a data breach resulted in their personal details being used for criminal purposes.
- 52 % of consumers said security is an important or main consideration when buying products and services.
We can communicate this information to our clients as an incentive to focus more on securing client data and their own internal security. Loss of business due to a data breach makes up a large part of the estimated $217 per breached record in Oregon. For those in the healthcare field the estimated cost of a breached record is $363. It only takes one data breach to make a significant difference to the bottom line, or to run a small firm out of business.