Cybertheft Yields Little Trust in Big Business

By

In April of 2011, electronics juggernaut Sony suffered a data breach so biblical that 77 million user accounts were compromised, one of the most massive scale internet thefts of all time.  Pan to fall 2013, 40 million credit and debit card accounts pilfered thanks to Target and their clearly ill-managed data silos.

Every single day, we as consumers utilize methods of payment (credit cards, debit cards, mobile payments) tantamount to placing perennial means of access to our finances right in the hands of a myriad of industry verticals, and if a market study conducted by Radius Global Market Research holds any truth to it, commerce as we know it may withdraw back into the proverbial dark ages of physical, tangible currency.

According to Radius GMR’s online consumer study, entitled “Privacy & Security Issues Among U.S. Consumers”, there are few customers left holding any semblance of trust that a company will, or even has the means to keep their private information safe.

"Ongoing security breaches have pushed the issue of online security to the top of consumers' minds," said Jamie Myers, Radius GMR Director. "We set out to determine which industries were the most trusted among consumers when it comes to keeping data secure. In the end, those surveyed felt that no company in any industry is doing it well."

When U.S. technology owners were asked which industry vertical was doing the best job of keeping their information safe, a resounding 29 percent (highest percentage by far) voted ‘no industry’, nor could they identify one company they trusted out of a large list of specific company names.

"Consumers made it clear that a perception of poor security practices is reason enough to stop doing business with a brand," adds Myers. "Clearly it is not enough to have a good track record. In this environment brands must adjust communications to merchandise ongoing efforts in order to establish and keep trust."

Keep trust indeed, a whopping 25 percent of consumers think financial websites are doing the best, operating systems and social media make their bed in the lowest and least trusted echelon of industries.

An old axiom tells us that trust is earned, and it is with much disdain that this columnist is unable to recount one message of assurance, one menial remark to the effect of ‘this is what we are doing to protect your information’.  Until said time when big business uproots itself from its role as direct and de facto facilitator of identity theft and fraud, one might be wise to deal with big business, only with tangible currency.




Edited by Maurice Nagle
SHARE THIS ARTICLE
Related Articles

Coding and Invention Made Fun

By: Special Guest    10/12/2018

SAM is a series of kits that integrates hardware and software with the Internet. Combining wireless building blocks composed of sensors and actors con…

Read More

Facebook Marketplace Now Leverages AI

By: Paula Bernier    10/3/2018

Artificial intelligence is changing the way businesses interact with customers. Facebook's announcement this week is just another example of how this …

Read More

Oct. 17 Webinar to Address Apache Spark Benefits, Tools

By: Paula Bernier    10/2/2018

In the upcoming webinar "Apache Spark: The New Enterprise Backbone for ETL, Batch and Real-time Streaming," industry experts will offer details on clo…

Read More

It's Black and White: Cybercriminals Are Spending 10x More Than Enterprises to Control, Disrupt and Steal

By: Cynthia S. Artin    9/26/2018

In a stunning new report by Carbon Black, "Hacking, Escalating Attacks and The Role of Threat Hunting" the company revealed that 92% of UK companies s…

Read More

6 Challenges of 5G, and the 9 Pillars of Assurance Strategy

By: Special Guest    9/17/2018

To make 5G possible, everything will change. The 5G network will involve new antennas and chipsets, new architectures, new KPIs, new vendors, cloud di…

Read More