Data breaches are taking a toll on customer loyalty

Concern about data breaches among consumers is high.

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Data breaches are happening on a daily basis. And as the number of breaches has soared, the scale of attacks has escalated as well. According to the Breach Level Index, 1.9 billion data records worldwide were compromised during the first half of 2017 due to 918 data breaches. The number of lost, stolen or compromised records increased by an overwhelming 164 percent compared to the last six months of 2016. (Disclosure: the Breach Level Index is operated by Gemalto, where I am employed.)

This year saw major security incidents affecting numerous high-profile corporations such as Equifax and Deloitte. And the consequences of such breaches now appear to be moving beyond the direct financial impact. As businesses struggle to maintain and protect consumer data, consumers are growing wary of both the attitude and practices those organizations take in order to do so.

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