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NEW RESEARCH REVEALS UK ONLINE CONSUMERS READY TO SWITCH RETAILERS OVER CYBERSECURITY
Akamai Technologies , the cloud company that powers and protects life online , has launched new research revealing cybersecurity as a key dampener of British consumers ’ confidence in the retail sector . The research shows that the majority ( 59 %) of those who ever shop online would stop shopping at a retailer if it was the victim of a cyberattack and half ( 49 %) don ’ t trust retailers to keep their personal details safe . These results come at a time of national economic uncertainty , with retailers under increasing pressure to attract and retain customers . Retail sales volumes fell by 1.6 % in August 2022 , continuing a downward trend since the summer of 2021 .
Consumers are becoming accustomed to constant cybersecurity threats , with 64 % of those ever shopping online having experienced an attack attempt in the last year . This is reflected in recent global data from the Akamai Intelligent Platform showing that web application and API attacks in the retail sector have increased by 301 % between July 2021 and July 2022 . Almost half of the respondents ( 46 %) say they think it is likely their personal data will be exposed in an attack in the next 12 months .
The link between cybersecurity and spending is clear : 70 % of online shoppers said they assess how secure a retailer ’ s website looks before buying and almost all ( 91 %) consumers said they would abandon their shopping cart if a website did not appear secure enough .
Over half also said ( 59 %) they would tell their friends to stop shopping with a retailer if they had been the victim of a cyberattack . When it comes to user experience ( UX ), the research found that 79 % of people would rather protect their personal data than receive a more personalised online shopping experience .
When asked how they expect retailers to tackle cybersecurity , the vast majority ( 76 %) of British online shoppers expect retailers to invest heavily in data protection and security as opposed to educational campaigns or communications ( 37 %).
“ With cyberattacks on the rise , it is more important than ever for retailers to ensure their customers feel safe and secure while shopping online . At this time of economic uncertainty , many retailers will be tempted to cut budgets . This research shows that cybersecurity is one area where they cannot afford to cut corners . Consumers are ready to walk out on retailers over bad cybersecurity ,” said Richard Meeus , Director of Security Technology and Strategy EMEA , Akamai . x www . intelligentcxo . com
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