Forty percent of consumers are skeptical about organizations' data protection capabilities and, according to Object First, 75% would switch companies after a ransomware attack.
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Consumers demand data protection
Additionally, consumers are demanding increased data protection from vendors, with 55% preferring companies with comprehensive data protection measures, such as reliable backup and recovery, password protection, and identity and access management strategies.
As organizations intensify their digital transformation initiatives, the volume of data is expanding exponentially, while ransomware attacks dominate the cyberthreat landscape.
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The survey highlighted evolving concerns and demands for robust backup, protection and recovery strategies. The results underscore the need for a proactive, effective backup and recovery plan to bypass complex, time-consuming and costly recovery processes that could undermine supplier trust and jeopardize long-term business growth .
“Given the essential role of data in today’s world, it’s no wonder that consumers are seeking greater protection as organizations generate and consume more data than ever before. With the escalating threat of ransomware, data protection should be a top concern for every business. While preventing a ransomware attack is the ideal scenario, it’s not always possible,” said David Bennett, CEO of Object First.
“Consumers are taking data protection seriously, and organizations must prioritize securing consumer data from modern threats. This can be achieved by embedding immutable data resiliency as a key component of their cybersecurity strategy ,” Bennett continued.
Consumer concerns are growing
Eighty-one percent of consumers report feeling “very scared or worried” about their data being held by organizations that lack strong ransomware resilience. After an attack, one in three consumers demand proof of robust backup and recovery strategies, and thirty percent lose all confidence in a company’s data protection plan.
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75% of consumers are prepared to switch to a competitor if a company is hit by ransomware. Furthermore, a second ransomware attack causes sixty-one percent of consumers to reevaluate their negative perception of data protection and recovery practices.
Ransomware attacks affect generations differently
While 37% of Gen Z prefer an apology from companies that have suffered a ransomware attack, ranking it 12% higher than monetary compensation, Baby Boomers are less forgiving: 74% of them agree that their trust in the supplier has been irreparably damaged after more than one ransomware attack, compared to just 34% of GenZ.
ObjectFirst research demonstrates a worrying increase in consumer concern about companies’ ability to protect their data from ransomware attacks. Immutable, on-premises backup storage can provide vendors with secure, immutable, and ransomware-resistant data, restoring consumer trust and preserving brand reputation.
Information source: helpnetsecurity.com
