Does your organization put security concerns front and center?
Trust in the 'age of the customer' has become a key differentiator for those able to act and demonstrate an understanding of consumers’ concerns.
But our new report Consumer Loss Barometer-The economics of trust indicates that organizations are not doing enough to demonstrate or enhance the security of their digital products and services, even amid heightened consumer awareness of today's cyber threats.
The report reveals a gap in perceptions between today's increasingly security-conscious consumers and organizations that still mistakenly view cyber security as an IT issue rather than a critical business issue (with 12 percent of security executives briefing their boards on an annual basis or less often). Closing this gap to meet consumer security concerns will be crucial for businesses hoping to generate the levels of consumer trust and loyalty that propel sustained growth in the digital economy.
The survey also sought to explore what it takes for consumers to stay with a brand when things go wrong – and whether organizations genuinely place consumer interests first during times of crisis. In the event of a data breach, more than a third of consumers would want the company to prove it had fixed the issue. Yet only eight percent of security executives would prioritize providing such proof—and less than a third of those surveyed cited any concerns about the impact of a breach on customer relationships. At the same time, more than two-thirds considered their organization’s information security budget adequate.
The survey shows that chief information security officers (CISOs) see themselves as integral to their organizations’ growth, but they remain insufficiently integrated into the business transformation agenda. As consumer trust becomes increasingly critical to commercial success, organizations that thrive will treat cyber security as a board-level investment priority and a vital enabler of business growth.