July 20, 2020

55% of UK consumers would continue using a company after a data breach

By Ellen Daniel

Over half of UK consumers would continue to use a company’s products even after a data breach.

This is according to a survey by customer experience company Genesys, which found that although 92% of customers are concerned about data breaches, this is not enough for many to cease interacting with a company, with 55% saying that if their data was accidentally leaked it would not affect whether or not they still interact with the company that suffered the breach.

Genesys surveyed 5,000 adults in the US, Australia, Germany, Japan, New Zealand, and the UK.

The research also revealed that convenience is key, with over a quarter of respondents saying that they would “reluctantly” continue interacting with a business after a breach if there were no convenient alternatives.

However, this is not the case for all consumers, with 40% saying they do not share personal details due privacy concerns, even if it means missing out on discounts and results in less streamlined interactions.

This is higher for Baby Boomers, with 51% unwilling to share their personal details over privacy concerns.

However, 45% of UK consumers said they would be more inclined to share their personal data with businesses in exchange for discounts or freebies.

In the event of a data breach, 54% believe monetary compensation is the best way for a company understands the impact of a data breach on customers, with 28% saying that an £80 gift card would be adequate.

“Businesses should always ensure that customers’ data is secure, no matter where it is generated,” said Shahzad Ahmad, vice president of cloud competence centre and data privacy at Genesys.

“Companies are increasingly using personal data and AI based technologies to deliver tailored experiences to consumers. However, they need to take all reasonable steps to follow regulatory compliance with data privacy. Any failure in doing so, will not only result in damage to the brand, but will result in financial penalties and loss of customer loyalty.”


Read more: Companies “scrambling” as EU-US Privacy Shield data sharing voided


 

Verdict deals analysis methodology

This analysis considers only announced and completed cross border deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.

GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.

More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.

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