The continuous evolution of digital transformation is outstripping the pace of cyber security in organizations. As a result, there is a fundamental disconnect between consumer expectations and concerns, and the ability of organizations to meet those expectations, according to KPMG’s Consumer Loss Barometer report.
The global survey of more than 2,000 consumers and 1,800 Chief Information Security Officers (CISOs) identified a mismatch between the priorities of CISOs and consumers in the event of a breach.
Consumers continue to have reservations about the possible misuse of their private details. They are more worried about how these breaches will affect them personally and are less concerned about the impact of a breach on an organization. The survey found that 69 percent of consumers were concerned about their technology being compromised, while 37 percent reported they have had their financial information compromised in the past. On the other hand, two-thirds of CISOs say they prioritize financial loss and reputational risk over the impact on customer trust.
“It’s clear that organizations are still prioritizing their bottom line ahead of consumer expectations and concerns, despite the opportunity to use effective cyber security strategy to build consumer confidence and engagement,” saidAkhilesh Tuteja, KPMG Global Co-Leader, Cyber Security.
In the event of a breach, consumers prefer proof of a fix over an apology (42% & 24% respectively). Conversely, CISOs say they would prioritize an apology over provision of those details (47% & 8% respectively).
“In the UAE and Oman, we have already seen security leaders making cyber preparedness a priority, from stress-testing the resilience of their systems to making sure they have the right people to handle an attack. Many also recognize the competitive edge this investment can bring, as effective data security can unlock new business opportunities and enable digital transformation,” said Timothy Wood, Associate Partner and Head of Cyber Security at KPMG Lower Gulf.
Financial Services: Almost half (48 percent) of consumers believe their financial institutions have full or joint responsibility for ensuring that mobile devices used for banking are secure.
Automotive: 56 percent of consumers are worried about their car being hacked now, whereas 73 percent are concerned about being hacked five years from now. For a car manufacturer to succeed, it needs to build trust in its ecosystem data security.
Retail: Alarmingly, 71 percent of consumers are more concerned about retailers misusing their personal information than information being taken by hackers (68%).
This highlights a societal lack of trust in business that organizations must address.