Businesses are at risk of losing consumers post a cyber-attack: ISACA

Four in 10 consumers in India have had their personal information stolen by cyber criminals in the last one year, according to a new research and notably, companies in India that experienced a breach in security of their customers’ personal identifiable information (PII), 40% of consumers report having severed ties with such a company, it said.  

The study done by ISACA, a professional association focused on IT security and governance that polled more than 3,000 consumers across the UK, Australia, US and India, also said that 23% respondents are not confident if a business can safely secure their personal identifiable information and nearly half (47%) think there is nothing they can do or use to protect themselves from cybercrimes, indicating a growing sense of hopelessness in consumers who think nothing can be done to protect them from cybercrime unless the brand they associate is proactive in securing their personal and confidential data.   

In that regard, the research indicates a significant number of consumers in India (78%) would be more confident doing business with companies that hire certified cybersecurity professionals. In addition, 74% of consumers surveyed believe companies should be independently graded on data security practices and the scores shared with the public.   

Another 2021 study done by U.K-based cyber security firm Sungard Availability Services, also showed that 72% of consumers would switch service providers in the event of a data breach which left their personal details compromised and financial services are most at risk of customers deserting, it said. 

“A strong cybersecurity workforce with cutting-edge skills in new technologies can help companies avoid cyber-crimes and ensure the safety of their consumer data, and as a result, build digital trust,” said R.V Raghu, ISACA Ambassador in India and past ISACA board director.  

He added that “hands-on training, credentials, networking and sharing best practices among the cybersecurity community globally can help cybersecurity professionals strengthen their skillsets and leverage the current demand to advance in their careers and also ensure they are keeping their enterprises—and the consumers they serve—protected.”   

However, cybersecurity’s talent crunch in India continues to be a persistent problem that results in frequent attacks and businesses losing customers. An April 2022 report by cyber security provider Fortinet pointed out that 67% of respondents agree that the skills shortage creates additional cyber risks for their organisation. As such, 76% of organisations now have a board of directors who explicitly recommend increases in IT and cybersecurity headcount, the study said. However, 60% of organisations struggle to recruit cybersecurity talent and 52% struggle to retain it.