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November 26, 2014

Cyber security becomes a boardroom issue for retailers

38% of consumers would view a brand negatively following a cyber-attack.

By CBR Staff Writer

More than a third (38 per cent) of consumers believe a cyber-attack has a negative impact on the way they view a brand, according to research.

KPMG’s 2014 Holiday Shopping Survey found a quarter (27 per cent) of consumers will only shop at a store that previously experienced a cyber-attack if they cannot find the product elsewhere, and 8 per cent refuse to shop at these stores all together.

"Cyber-security isn’t just a retailer’s IT department issue anymore – it has become a boardroom issue," said Tony Buffomante, partner and retail cyber security lead at KPMG.

"Retail executives need to first and foremost protect the brand and ensure that cyber security is prioritised based on the evolving threats of today and the risk of the company."

More than half of consumers are either unsure or not confident at all in the security of their personal information when shopping both in-store (58 per cent) and online (63 per cent).

As many as 65 per cent of respondents said they expect to shop in-store during the run-up to Christmas, while 51 per cent said online. Eighty-eight per cent of consumers who shop online said they would do so from home.

KPMG’s survey was conducted in November 2014 and polled 1,400 US consumers.

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