New York, Dec 18, 2024 – Consumer trust in brands hit by data breaches dropped to 58% in 2024. Misplaced blame on hackers overshadows insider threats and human errors.
In a digital era riddled with cybersecurity threats, a new Vercara report reveals shocking insights into consumer trust and the real causes of data breaches. Despite the prevalence of insider threats and human errors, 66% of U.S. consumers blame cyberattacks solely on bad actors.
Trust in brands hit by breaches has declined to 58% in 2024, down from 62% last year, signaling growing disillusionment. What’s worse? Consumers’ misunderstanding of threats leaves businesses vulnerable and perpetuates misplaced blame. Carlos Morales, SVP at Vercara, states:
Fatigue or worse, apathy, may explain why trust metrics appear stable. But make no mistake: consumer trust can break a brand’s bottom line.
The study also shows that 70% of consumers abandon brands that experience breaches, with 44% accusing companies of poor security practices. Interestingly, 54% of shoppers are more forgiving toward smaller brands, while big corporations are held to stricter standards.
Adding to the complexity, Generation Z emerges as the least concerned about breaches, while Baby Boomers are the first to stop shopping with affected brands. Despite this generational divide, insider threats and human errors remain vastly underestimated, with only 5% of consumers recognizing their role.
Companies must go beyond updates and teach consumers how to protect themselves. Cybersecurity is a shared responsibility.
With the holiday shopping season upon us, experts warn of heightened risks, as 57% of shoppers use work devices for personal purchases. Alarmingly, only 1% of businesses can respond swiftly to breaches, heightening the need for vigilance.
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