News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Organizational Response to a Breach More Important than Breach Itself: Report

Organizational Response to a Breach More Important than Breach Itself: Report

Prevailing opinion is that a data breach will result in lost customers. A new report, however, finds that most consumers care more about how an organization responds to a data breach, not that the breach occurred in the first place—especially millennials. The 2018 Trust in the Age of Data Breach report from authentication technology provider Next Caller acknowledges that the trust consumers have in companies falls after a breach, but 61 percent of those polled said they would not drop a company just because it was breached. They would make the decision based on how it handled the situation. Among the younger millennial population, that number grew to 69 percent.

“While it may not be possible to prevent 100 percent of data breaches from occurring, our report found that the handling of a breach is equally as important as having the proper technology and protocols in place to prevent them,” said Next Caller CEO, Ian Roncoroni. “Organizations not only have the responsibility to safeguard their customers’ personal information, but in this fraud filled landscape, it’s more important than ever that they are forthcoming and transparent in their communication around these events.”

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