A recent study conducted by Object First reveals that 40% of consumers have doubts about the ability of organizations to protect their data. This skepticism is further fueled by the increasing prevalence of ransomware attacks, with 75% of consumers stating that they would switch to a competitor if a company they were using fell victim to such an attack.
In response to these concerns, consumers are calling for enhanced data protection measures from vendors. The study found that 55% of consumers favor companies that have comprehensive data protection strategies in place, including reliable backup and recovery systems, password protection, and identity and access management strategies. With organizations increasingly undergoing digital transformation, the volume of data being generated and consumed is expanding rapidly. As a result, ransomware attacks have become a dominant threat in the cyber landscape.
The survey conducted by Object First highlights the evolving expectations and demands of consumers, emphasizing the need for robust backup, protection, and recovery strategies. It emphasizes the importance of having a proactive and effective backup and recovery plan to avoid complex and costly recovery processes that can undermine vendor trust and hinder long-term business growth.
David Bennett, the CEO of Object First, stressed the significance of data protection in today’s world, stating, “Given the indispensable role of data, it is no surprise that consumers are seeking greater protection. With the growing ransomware threat, data protection must be a core concern for every business. While prevention is ideal, it is not always possible.”
The survey also reveals that consumer concerns regarding data protection are on the rise. A staggering 81% of consumers reported feeling “very scared or worried” about their data being held by organizations that do not have robust resilience against ransomware attacks. In the aftermath of an attack, one in three consumers demand evidence of resilient backup and recovery strategies, while 30% lose all confidence in a company’s data protection plan.
In terms of accountability, 75% of consumers are willing to switch to a competitor if a company they are using falls victim to a ransomware attack. Additionally, a second ransomware attack leads to 61% of consumers reevaluating their negative perception of a company’s data protection and recovery practices.
The study also found that different generations have varying expectations when it comes to how companies handle ransomware attacks. While 37% of Gen Z consumers prefer an apology from companies that experience a ransomware attack, ranking higher than monetary compensation, Baby Boomers are less forgiving. A substantial 74% of Baby Boomers believe that their trust in a vendor is irreparably damaged after experiencing more than one ransomware attack, compared to only 34% of Gen Z.
Object First’s research sheds light on the growing concerns among consumers regarding organizations’ ability to safeguard their data against ransomware attacks. To address these concerns and restore consumer confidence, the study suggests that implementing immutable on-premises backup storage can provide vendors with secure and unalterable data that is resistant to ransomware attacks. By prioritizing data resilience as a core component of cybersecurity strategy, organizations can better protect consumer data and preserve their brand reputation.