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Nearly 20 Percent of Consumers Would Abandon Cyber-Hacked Retailer, Study Finds

Nearly a fifth of shoppers would avoid a retailer that has been a victim of a cybersecurity hack, according to a survey.

The 2016 KPMG Consumer Loss Barometer report surveyed 448 consumers in the U.S. and found that 19 percent would abandon a retailer entirely over a hack. Another 33 percent said that fears their personal information would be exposed would keep them from shopping at the breached retailer for more than three months.

The study also looked at 100 cybersecurity executives and found that 55 percent said they haven't spent money on cybersecurity in the past year and 42 percent said their company didn't have a leader in charge of information security.

Those responses confirmed worries that retailers are falling behind other industries like financial services and technology on cybersecurity issues.

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The 2016 KPMG Consumer Loss Barometer report surveyed 448 consumers in the U.S. and found that 19 percent would abandon a retailer entirely over a hack. Another 33 percent said that fears their personal information would be exposed would keep them from shopping at the breached retailer for more than three months.

The study also looked at 100 cybersecurity executives and found that 55 percent said they haven't spent money on cybersecurity in the past year and 42 percent said their company didn't have a leader in charge of information security.

Those responses confirmed worries that retailers are falling behind other industries like financial services and technology on cybersecurity issues.

Read Full Article