40% Of Consumers In India Stopped Doing Business With A Company Known To Have Compromised On Cybersecurity, Says New Isaca Study

By Author: Santosh
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In recognition of Cybersecurity Awareness Month, ISACA recently released the results from its inaugural consumer cybersecurity research, which reveals a growing sense of hopelessness in consumers who think nothing can be done to protect them from cybercrime. The international study of more than 3,000 consumers across the UK, Australia, US and India, found that 41% consumers in India have had their personal information stolen by cyber criminals.

One in three respondents (36%) in India reported a significant increase in cybercrimes over the past 12 months, and nearly half (47%) do not think there is anything they can do or use to protect themselves from cybercrimes. However, interestingly, more than half (53%) believe they are very unlikely to be the victim of cybercrime. Worryingly for the companies in India that experienced a breach in security of their customers’ personal identifiable information (PII), 40% of consumers report having severed ties with a company known to have experienced a breach. Twenty-three percent are not confident a business can safely secure their personal identifiable information.

Though ...
... more than half of respondents in India (59%) are completely or very confident that businesses can secure consumers’ PII, the research indicates a significant number of consumers in India (78%) would be more confident doing business with companies that hire certified cybersecurity professionals. In addition, 74% of consumers surveyed believe companies should be independently graded on data security practices and the scores shared with the public.

R.V Raghu, ISACA Ambassador in India and past ISACA board director, added “A strong cybersecurity workforce with cutting-edge skills in new technologies can help companies avoid cyber-crimes and ensure the safety of their consumer data, and as a result, build digital trust. Hands-on training, credentials, networking and sharing best practices among the cybersecurity community globally can help cybersecurity professionals strengthen their skillsets and leverage the current demand to advance in their careers and also ensure they are keeping their enterprises—and the consumers they serve—protected.”
During Cybersecurity Awareness Month, ISACA is providing a 20% discount on its Cybersecurity Fundamentals Online Review Course with the code PRODCYBERMONTH22. To learn more, visit https://store.isaca.org/s/store#/store/browse/detail/a2S4w000004Koh6EAC.

For a complimentary copy of ISACA’s consumer cybersecurity research report and related content, visit www.isaca.org/cyber-month-2022.

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About ISACA
ISACA® (www.isaca.org) is a global community advancing individuals and organizations in their pursuit of digital trust. For more than 50 years, ISACA has equipped individuals and enterprises with the knowledge, credentials, education, training and community to progress their careers, transform their organizations, and build a more trusted and ethical digital world. ISACA is a global professional association and learning organization that leverages the expertise of its more than 165,000 members who work in digital trust fields such as information security, governance, assurance, risk, privacy and quality. It has a presence in 188 countries, including 225 chapters worldwide. Through its foundation One In Tech, ISACA supports IT education and career pathways for underresourced and underrepresented populations.