Consumers will stop buying from your company if you ever suffer from a cyberattack; see how to protect yourself

Several studies already show the significant impact a data breach can have on companies; investing in cybersecurity is an investment in your product and brand

Dec 21, 2021

As cyber threats become a part of daily life, especially with companies that work with large amounts of data, and with sensitive data, and online resources, more and more studies have come out to evaluate the possible impact of attacks and data leaks on companies and consumer trust. As it turns out, the effect is enormous.

A Zoho research, for example, showed that 48% of consumers would stop buying from a company if they found out it had suffered a cyberattack before.

A ReputationUs study, released during the Cybersecurity Awareness Month in 2019, and still relevant to this day, asked consumers who they believed was to blame if a company was hacked. An impressive 46% of them said the corporations are responsible, compared to 54% who replied the hackers were responsible.

At the same time, 60% of consumers said they trust a large business that was recently the victim of a cyberattack and then upgraded its security procedures after the attack. This shows that even when it is too late to protect the company from a breach, it is not too late to protect its reputation and relationship with consumers - given that they are prepared to take the necessary steps and invest in cybersecurity.

Naturally, the best scenario is the one without any data leaks and with consumer confidence unaffected by fears regarding their data safety. For that to happen or mitigate after the worst has taken place, companies must invest in cybersecurity. It is never early enough to do so, and there are many tools that decision-makers can use for protection. Similarly, cybersecurity can also start in simple ways.

"The first steps to implement data security is to ensure that Senior IT management need to have a more holistic understanding and approach cybersecurity as an organisational-wide risk issue along with the legal and regulatory implications of cyber risks as they relate to their company’s specific circumstances.", explains Vaultree's advisor and co-founder Kevin Curran.

Solutions that include adding two-step authentication to apps and services, for example, are easy ways for companies to start the process of securing data. But there are other possibilities.

In addition, security software and updating them and operational systems are necessary to maintain safety. The relevance of strong and unique passwords cannot be understated. Companies should definitely invest in privacy using effective and innovative cryptography solutions, and even consider incorporating a "quick fix" such as cybersecurity by design framework, with "a set of pragmatic guidelines to more completely consider the full remit of protection and processes which should be in place", Curran adds.

If you want to find out more about solutions that are fully encrypted and offer peak performance with simple and seamless integration, you can already sign up for the beta version of Vaultree's solution.