Yesterday, Capgemini released research which looks at how cybersecurity is being utilised in the retail space. The results showed that consumers are willing to spend more online with retailers who demonstrate strong cybersecurity and data privacy.
According to the research, 79% of consumers rank cybersecurity as top criteria when selecting retailers, and 65% of consumers would stop or reduce transactions from retailers as a result of a data breach. The full report can be seen here. Ryan Wilk commented below.
Ryan Wilk, Vice President of Customer Success at NuData Security:
“It’s refreshing to see UK consumers including online security as an important factor when choosing a company to transact with. Fifty percent of consumers who took the survey feel highly sensitive about cybersecurity and data privacy, and over 40% of consumers are willing to increase their online spend if they receive assurances that build their trust. These new trends underline that a company’s security framework can have a direct effect on a company’s revenue.
Online retailers should make efforts to move away from the outdated authentication models that rely on password/username combinations, in favour of all-encompassing authentication tools such as multi-layered solutions that include passive biometrics.”