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CybersecurityManagementSecurity NewswireSecurity Leadership and ManagementCybersecurity News

Ransomware attacks affect consumer behaviors

By Security Staff
desk with keyboard and notebooks

Image via Unsplash

June 26, 2023

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.

KEYWORDS: consumer trust data breach data protection information protection ransomware

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