A survey conducted by QBE Insurance has revealed a cautious stance among Black Friday shoppers towards online retailers that have experienced data breaches. The study found that 54% of consumers participating in Black Friday sales would avoid retailers that had suffered a data breach, underscoring the growing importance of cybersecurity among shoppers.
The survey, which comes amid an escalating cost-of-living crisis, suggests that heightened Black Friday shopping activity may be expected. However, this surge in online shopping places a greater onus on retailers to strengthen their cyber security measures. The findings indicate that consumer confidence and data protection are critical, with 76% of respondents stating that an online retailer’s cybersecurity is a key concern for them.
QBE’s findings also stated that more than half (55%) of respondents expressed a greater likelihood to shop with retailers that prominently display robust cybersecurity on their websites, while 38% would prefer shopping with retailers that have successfully thwarted and managed a cyberattack.
The survey, conducted by Opinium Research, polled 2,000 UK adults between Nov. 10 and 14, including 1,301 individuals planning to shop on Black Friday.
“It is crucial that online retailers are prepared for cyberattacks this Black Friday or risk losing customers. Having a strong cybersecurity policy is more important than ever considering the ever-evolving complexity of cyberattacks. Businesses that fail to demonstrate a strong enough cyber policy could even struggle to secure cyber insurance, leaving them vulnerable and less protected from cyberattacks,” QBE Europe head of cyber proposition Erica Kofie said.
In a recent conversation with IB, QBE Europe head of construction engineering Andy Kane assessed the UK’s construction insurance market, saying it had “started to level off in some areas, and in some lines of business even soften” from the situation in 2019.
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