Three quarters of UK consumers threaten to walk in the event of a data breach

    October 1, 2020
    • 72 percent of UK consumers would now switch service provider in the event of a data breach which left their personal details compromised
    • 43 percent would switch as the result of a cyber-attack that rendered a service unavailable – rising to 52 percent of 18-24-year-olds
    • Financial services are most at risk of customers deserting

    London, 28 September, 2020 – A study released today reveals 72 percent of UK consumers will now walk away from a brand in the event of a data breach which leaves their personal details compromised.

    With the UK experiencing a huge leap in expectations surrounding both the availability and security of online services thanks to lockdown, public tolerance for cyberattacks which leave information exposed is at an all-time low. Research by Sungard Availability Services (Sungard AS) uncovers the sectors most at risk of desertion from consumers under such circumstances as: 

    • Financial services – 67 percent of consumers would switch provider
    • Online retailers (excluding grocery retailers) – 58 percent of consumers would switch provider
    • Online grocery retailers – 55 percent would switch provider
    • Video conferencing software/Social media platforms – 54 percent would switch provider

    The findings also highlight how unaccepting consumers now are of hacks that result in services going offline, with 43 percent of respondents stating they would immediately switch provider if a cyber-attack left an online service unavailable. This sentiment is particularly high amongst 18-24-year-olds (52 percent) compared with those aged 55+ (41 percent).

    Two thirds of respondents (67 percent) also stated they would switch provider if they became aware of any security flaws with the service – rising to 75% amongst 25-34-year-olds.

    “This research identifies the heavy impact that cyberattacks can have on brand loyalty today, especially amongst younger generations,” comments Chris Huggett, SVP EMEA at Sungard Availability Services. “With restrictions having been placed on almost every aspect of life at some point in 2020, people have become highly reliant on technology to help them cope. This dependence on online services, and the increasing amounts of data being shared digitally, is extremely attractive to hackers.

    “Aside from fines, and loss of income following a breach, our data shows the impact it can have on consumer loyalty. People simply won’t accept security lapses anymore if it means their information is exposed or downtime is experienced. Brands must ensure the availability of their services so they can adapt and continue to serve and protect customers under all circumstances.”

    About Sungard Availability Services

    Sungard Availability Services (Sungard AS) is a leading provider of cloud connected infrastructure solutions serving enterprise customers from 75 hardened data centers and workplace recovery facilities in nine countries. Sungard AS has a 40-year track record of delivering resilient and highly available hybrid IT solutions. Backed by high-performance networks, Sungard AS modernizes customers’ end-to-end IT across connected infrastructure, cloud, recovery, and workplace solutions. Working with customers to understand their business objectives, Sungard AS identifies gaps in customers’ current environments and tailors a solution to achieve their desired business outcomes. 

    For more information, visit Sungard AS at www.sungardas.com or call 1.888.537.6519. Connect with Sungard AS on its Blog, LinkedIn, Twitter, Facebook and  YouTube.

    Other Posts You Might Be Interested In

    Does GDPR Compliance Reduce Breach Risk?

    A new study suggests that GDPR compliance reduces the risk and impact of data breaches. Industry experts, including Sungard AS' Global CSO Shawn Burke, weighin on the... Learn More

    Four years of digital transformation in four weeks: UK lockdown puts pressure on brands to digitally deliver

    UK businesses could lose almost a third of customers if either its app or website is unavailable for more than 24 hours Online retailers suffer worst – with nearly a... Learn More

    UK Consumers: Our appetite for digital services will swell after lockdown

    Consumption of digital services will increase by 27 percent as UK consumers use lockdown to move to a digital-first mindset Almost a quarter (23 percent) feel the use... Learn More