Consumers will stop spending with businesses after a breach

New research finds that that 83 percent of consumers will stop spending with a business for several months in the immediate aftermath of a security breach or a hack. More than a fifth (21 percent) will never return to a brand or a business post-breach, representing a significant loss of revenue, according to the study from secure payments provider PCI Pal. Even being perceived as having lax security practices can be enough to incur spending penalties -- almost half (45 percent) of those surveyed report that they spend less with brands they perceive to have insecure data practices, while over… [Continue Reading]