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Study: Corporate data breaches damage sales

BY Dan Berthiaume

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.”

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Study: H.E.B. ties for top spot in consumer forgiveness

BY Dan Berthiaume

Waban, Mass. – Grocery chain H.E.B. tied with the banking business of financial services provider USAA for the top spot in consumer forgiveness. Based on a study of 10,000 U.S consumers, the two companies both came in first in the 2014 Temkin Forgiveness Ratings, which rates 268 companies across 19 industries.

There is a sizeable nine-point gap between these leaders and the next companies on the list. Other retailers the top 15 companies in the ratings are Amazon.com, Chick-fil-A, Apple (for software and retail), QVC, Costco, Trader Joe’s, and Publix. The industries with the highest average ratings are grocery chains, retailers, parcel delivery services, and auto dealers. Apple and Best Buy both improved their ratings by more than 20 percentage points between 2013 and 2014.

"Forgiveness is an asset that companies earn from their customers," said Bruce Temkin, managing partner of Temkin Group. "Every company makes mistakes, but the ones with high forgiveness ratings have customers who will work with them to more quickly and positively resolve the issues."

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Digital family wallet Oink strengthens leadership team

BY CSA STAFF

Virtual Piggy’s Oink has appointed Trent Walker to VP business development for key accounts.

Walker has more than 10 years of payments and finance industry experience, working with many of the world’s leading corporations, including Google and Facebook. For the past six years, Walker has held strategic leadership roles within the financial services department at Arvato, the $6 billion per year division of Bertlesmann.

“The award-winning Oink payment platform will revolutionize the teen payments landscape and give parents greater control over family finances,” said Walker. “I am very excited to join this innovative company and bring my experience in finance, payments, and e-commerce to their business development team.”

“Oink is the first new consumer-facing payment solution in recent years and has been designed from the start to handle digital goods payments,” said Dr. Jo Webber, CEO and founder at Oink. “Trent’s strong payments industry knowledge and experience will help us expand our commercial reach within the world’s largest providers of digital content.”

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