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People used to data breaches, report finds

People are resigned to having their personal information stolen, according to a recent survey by Rand Corp.

An estimated 105 million US adults have had their data stolen, and about 64 million of these were notified about their breach at some point over the past year, according to the report, which surveyed more than 6,000 adults. However, just 11 per cent of respondents say they stop dealing with a company following a breach of data.

This is compared to 24 per cent of consumers whose information was lost by retailers in 2014, who stated that they avoided doing business with these retailers afterwards. What's more, 2013 was a particularly bad year for security breaches, with the Target Corp 2013 season breach making frequent headlines and the company's profits falling 46 per cent in the final quarter of that year.

The rapid decline in people abandoning retailers after a breach of data suggests that people are accepting that security hacks are part of the business. Around 32 per cent of respondents said that they had never incurred any financial harm and the average loss for the remaining 68 per cent of people was around $500.

According to the reports findings: “Consumers appear to feel that companies are responding appropriately to the consequences of a data breach. Some 77 per cent of respondents were 'highly satisfied' with businesses’ responses to the breaches, such as offers for free credit monitoring."

To date, there have already been more than 175 breaches in 2016, according to the San Diego-based nonprofit Identity Theft Resource Center.

Filed in: News

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