A recent report by Object First highlights the significant impact of ransomware attacks on consumer behaviors, with 40% of consumers expressing skepticism about organizations' ability to adequately protect their data. As a result, consumers are demanding increased protection from vendors who hold their data and favor companies with comprehensive data protection measures.
The report reveals that 81% of consumers feel "very scared or worried" about their data being held by organizations lacking robust resilience against ransomware attacks. In the aftermath of an attack, one in three consumers demands evidence of resilient backup and recovery strategies, while 30% lose all confidence in the company's data protection plan.
Consumer loyalty is also at stake, as 75% of consumers are prepared to switch to a competitor if a company falls victim to a ransomware attack. Interestingly, the report highlights that a second ransomware attack causes 61% of consumers to reassess their negative perception of a company's data protection and recovery practices.
When it comes to the response from different generations, 37% of Gen Z consumers prefer an apology from companies experiencing a ransomware attack, ranking 12% higher than monetary compensation. On the other hand, Baby Boomers are less forgiving, with 74% agreeing that their trust in a vendor is irreparably damaged after suffering multiple ransomware attacks, compared to 34% of Gen Z.
Organizations must recognize the impact of ransomware attacks on consumer trust and prioritize robust data protection measures. Consumers are seeking companies that demonstrate reliable backup and recovery capabilities, password protection, and identity and access management strategies to safeguard their valuable data.
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