59% of Buyers are Likely to Avoid Companies that Suffered from a Cyberattack in the Past Year

In the ever-changing and competitive marketplace (Thank you global pandemic!), gaining and maintaining buyers for your products or services is more challenging than ever. We could give hundreds of reasons why investing in cybersecurity is important, but here’s one that might catch your attention more than others: 59% of buyers are likely to avoid companies that suffered a cyberattack in the past year, according to Arcserve Data Attack Surface Report.

59%. One cyberattack. That’s a lot of lost buyers over “just one” cyberattack! What can we learn from this? 

Cybersecurity is a lot of things, but here are some words that should matter to everyone running a business: cybersecurity is a competitive advantage. Investing in, managing, updating, and prioritizing cybersecurity strengthens your business and gives you a competitive advantage over your competition. This past year, and likely the year ahead, will be about small margins of competitive advantage. Some businesses will survive the outfall of the pandemic, and some will not. If your business wants to succeed, every opportunity for an edge over your competition, no matter how small, will matter. 

In the world of electronic payments and cloud storage of data, why would a buyer trust a company that does not prioritize data security? Why would someone leave their sensitive personal data (financial, health, etc.) with a company without a proven track record of impeccable data security?

Ok, but how much does this really matter? The report by Arcserve goes on to stipulate that 25% of consumers across North America would react to a single ransomware-related service disruption, failed transaction, or instance of inaccessible information by abandoning the product or service. That is to say, after just one cybersecurity incident, 25% of customers will seek out your competitor for the same product or service you offer. That’s what we call a one-strike rule.

As the competitive market and the threat landscape evolves, all organizations of all sizes need to prioritize their cybersecurity in 2021. Security vulnerabilities increase the potential attack surface area, unnecessarily exposing organizations and, more importantly, their customers. Do your due diligence not only to protect but maintain your customer base. In the year following a pandemic, every bit of competitive advantage will matter for you to survive.

Are you ready to reassess your current cybersecurity efforts? PK Tech offers comprehensive assessments to assess your existing IT infrastructure and provide suggestions for improvement. Contact us here.