San Francisco - Consumers avoid doing business with a breached organization at a high rate. According to a new study conducted by Javelin Strategy & Research and commissioned by data management solution provider, Identity Finder, 33% of customers will shop elsewhere if their retailer of choice is breached.
However, the study shows only 30% of retailer offer breach victims protection. To protect and manage sensitive data from breaches and subsequent misuse, Javelin recommends ongoing risk assessments. For these assessments to be successful, businesses should proactively create an internal sensitive data management initiative tailored to each organization encompassing the five steps of sifting through irrelevant data and discover sensitive information, classifying information and assign accountability to clean and protect, securing and remediating unprotected files / removing at-risk data, centrally monitoring policies, actions, and good behavior going forward, and reporting compliance with policy and regulation
"A significant proportion of affected consumers discontinue or reduce their patronage post-breach," said Al Pascual, senior analyst of security, risk and fraud at Javelin Strategy & Research. "That's real money lost in customer churn and reduced sales, and certainly demonstrates how the reputation of the organization hits the bottom line.”