In the wake of recent ransomware attacks, 40% of consumers are skeptical of organizations' ability to protect their data adequately according to a report by Object First.
Furthermore, consumers are requesting increased protection from vendors that hold their data, with 55% favoring companies with comprehensive data protection measures such as reliable backup and recovery, password protection and identity and access management strategies.
According to the report, 81% of consumers report feeling “very scared or worried” about their data being held by organizations lacking robust resilience against ransomware. After an attack, 1 in 3 consumers demand evidence of resilient backup and recovery strategies, and 30% lose all confidence in the company’s data protection plan.
Seventy-five percent of consumers are ready to shift to a competitor should a company suffer a ransomware attack. Moreover, a second ransomware attack causes 61% of consumers to reassess their negative perception of data protection and recovery practices.
While 37% of Gen Z prefers an apology from companies experiencing a ransomware attack, ranking 12% higher than monetary compensation, Baby Boomers are less forgiving. Seventy-four percent of them agree their trust in the vendor is irreparably damaged after suffering more than one ransomware attack, compared to 34% of Gen Z.
