Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Infosecurity Europe calls for retailers to take greater measures to protect shoppers online after poll reveals that not enough is being done

InfosecurityBut if a retailer or brand suffered a data breach, nearly half of shoppers admit they would stay loyal 

According to the first in a series of social media polls conducted by Infosecurity Europe 2019, Europe’s number one information security event, 75 per cent of shoppers feel that retailers are not doing enough to reassure them that they are protected online during busy shopping periods. In the lead up to Black Friday and Cyber Monday later this month and ahead of the Christmas shopping rush, only a quarter of respondents are reassured that retailers are doing enough.

Despite these concerns, nearly half (45 per cent) admit they would continue to be a customer of a retailer or brand that they buy from if it got breached, although 55 per cent say they would not, suggesting that brand loyalty is more important to shoppers and they are prepared to forgive if a retailer becomes the victim of a data attack.

However, the findings indicate that retailers need to do more; first to reassure shoppers that they are protected online, and second, that while data breaches do sometimes occur, they have the right processes in place to deal with such incidents and are transparent in the way they communicate. With breach notification now mandatory within 72 hours if there is a risk to customer data, according to the General Data Protection Regulation (GDPR), transparency is critical for retailers.

It is clear that shoppers also need to take responsibility for their actions when it comes to security and privacy, with around one in five (18 per cent) admitting they would be more willing to compromise their confidential information online in the pursuit of the ‘ultimate bargain’. While the vast majority are not tempted to do something risky, like using a website they have never heard of, there are still those during periods such as Black Friday and Cyber Monday who are prepared to put convenience and the desire for a bargain ahead of security.

The Twitter poll, which attracted almost 10,000 responses overall across three questions, was conducted on 8 and 9 November, in the lead up to Black Friday (23 November) and Cyber Monday (26 November), two of the biggest online shopping days of the year when bargain hunters take advantage of huge discounts. While most deals appear online at midnight, some UK stores like Argos have already begun slashing prices on items.

According to a recent House of Commons Library Briefing Paper on the Retail Sector in the UK (29 Oct 2018), Internet sales in the UK now account for 18 per cent of all retail sales, up from just 5 per cent in 2008. As retail continues to adapt and grow its online and omni-channels, there is even greater onus on the industry to adapt to changing consumer behaviour and put information security at the very top of the agenda to ensure customer loyalty remains and that transparency is at the heart of all communications.

Infosecurity Europe, now in its 24th year, takes place at Olympia, Hammersmith, London, from 4-6 June 2019. It attracts over 19,500 unique information security professionals attending from every segment of the industry, as well as 400+ exhibitors showcasing their products and services, industry analysts, worldwide press and policy experts, and over 200 industry speakers are lined up to take part in the free-to-attend conference, seminar and workshop programme – https://www.infosecurityeurope.com