ISACA Study: Aussies Lack Confidence in Businesses' Data Security
A recent study by ISACA has revealed a concerning lack of confidence among Australian consumers regarding businesses' ability to securely store their personal information, with only 70% feeling assured. The research, involving over 3,000 consumers across four countries, highlights the importance of understanding consumer perceptions of digital trust and investing in robust cybersecurity measures, as emphasised by Jo Stewart-Rattray, ISACA's Information Security Advisory Group.
The study found contrasting views between Australian and global consumers on the likelihood of cybercrime and confidence in business security. Notably, 61% of Australian consumers support independent grading of companies' data security practices, indicating a desire for transparency and accountability. Following a data breach, one in four consumers reported severing ties with the affected company, underscoring the potential impact on customer loyalty.
The findings also suggest a lack of trust in companies' reporting of data breaches, with 32% of Australian consumers believing they under-report incidents, even when legally required. This mistrust is not unfounded, as ISACA's research did not identify any Australian businesses that experienced a cyberattack in 2022. Alarmingly, almost half of Australian consumers expect to be victims of identity theft, fraud, or scams, with one in three households having already experienced personal information theft due to cybercrime.
To rebuild consumer trust, Australian businesses must prioritise robust cybersecurity measures and transparent reporting. Hiring certified cybersecurity professionals, as desired by 58% of consumers, could significantly improve confidence in doing business with these companies. ISACA's study serves as a wake-up call for businesses to address consumer concerns and invest in digital trust.
