Consumer Trust Remains High Despite Security Breach Possibilities: Report

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The Application Security Division of NTT Ltd., recently released The State of Secure Online Holiday Shopping, an analysis examining more than 1,000 online shoppers’ thoughts and behaviours related to cybersecurity and online holiday shopping.

The results suggest that although a significant majority of consumers generally understand the risks associated with shopping online during the holiday season, they ultimately prioritise the benefits of eCommerce over cybersecurity—even following a breach that exposed their personal information.

According to the survey, 35 per cent of consumers indicated that they would continue shopping with a retailer that experienced a security breach, while only 25 per cent said they would begin taking their business elsewhere. Additionally, less than half of respondents (46 per cent) said they would stop shopping with a retailer altogether if their own credit card or personal information was leaked by the company in a security breach.

Also Read: How Can Businesses Secure Digital Communications?

Despite Breaches, Consumer Trust Remains High—Especially When Using Mobile Apps

Even though 26 per cent of respondents have already experienced credit card or identity theft as a direct result of shopping online—with 10 per cent of those instances having occurred during the COVID-19 pandemic—most consumers still feel that their personal information is protected.

• 58 per cent of respondents feel that their data is protected when shopping online
• 40 per cent said they feel more secure when shopping online with a large retailer versus a small business
• Online shoppers feel significantly more secure storing their credit card information in retail mobile apps (57 per cent) compared to eCommerce sites (19 per cent)

Online Shoppers Already Taking Measures to Protect Their Information

94 per cent of survey respondents—of which more than half conduct the majority of their shopping online—claim that they are knowledgeable of cybersecurity risks and take the following precautions:

• 63 per cent do not shop online when connected to a public Wi-Fi network
• 76 per cent check to make sure an eCommerce website has a secure HTTPS connection
• 73 per cent rarely or never click on links when offered a deal through an advertisement, email or social media promotion
• 51 per cent use two-factor authentication

“Even before the pandemic, companies in the retail and wholesale industry were already among the most targeted by hackers,” said Craig Hinkley, Chief Executive Officer at NTT Application Security. “Unfortunately, the urgent demand for merchants large and small to accelerate their shift to eCommerce has ultimately led to an extremely dangerous threat landscape in the retail sector that consumers need to be mindful of while shopping online this holiday season and beyond.”