Retailers should prepare for consumer walk out following a breach, study finds

Retailers have been warned that shoppers will switch to a competitor if they have fallen victim to a cyber attack, according to a recent study by cyber security firm Akamai.

The data, which was taken from over 2,000 UK adults in partnership with YouGov, explores the relationship between cyber security and spending, at a time of national economic uncertainty.

Akamai said that while many retailers are preparing to cut budgets to weather the economic storm, 59% of consumers said they are equally ready to “walk out” should the cuts lead to a data breach.

Nearly half of consumers (49%) added that they don’t trust retailers to keep their personal details safe and 46% expect compensation form a retailer should a breach occur.

It seems that Automation and AI cyber security is necessary for businesses to combat cyberattacks in today’s world.

In a news story published by TechInformed earlier this year, Filippo Rizzante, CTO at consulting company Reply, said: “…it is more urgent than ever to reconsider security strategies and reach new levels of maturity through automation, remembering that though artificial intelligence has increased the threat of the hacker, it is through taking advantage of AI’s opportunities that cyberattacks can be prevented and countered.”

TechInformed also tackled cyber security recently as part of a four-part special report all about attackers and what businesses can do to help keep them at bay. Click here to find out more.