According to a new study from retail services provider Interactions, “Security Hacks and the Lasting Impact on Retailers,” 75 percent of consumers believe that keeping shopper information safe is the retailer’s responsibility. Nearly half of all shoppers believe that a retailer could avoid a security breach by investing in better technology. When asked about the other ways to avoid security breaches, 43 percent of shoppers indicated the use of credit cards with chip technology, 32 percent said stricter laws enforced against hackers, and 14 percent said the use of mobile wallets.
The study also found that 43 percent of shoppers do not trust companies to keep their personal information safe. Of these, 30 percent do not think companies invest in enough security measures. While consumers are ready to place the burden of protecting their data on retailers, they have also become surprisingly accepting of the risk of breaches. The study found that 64 percent of shoppers have accepted security breaches to be part of the shopping process. Another 53 percent say that security breaches are a risk they’re willing to take in exchange for convenience.
Consumers may say they accept the risks, but their behavior still punishes retailers who suffer hacking attacks. Forty percent of shoppers avoid retailers that have been hit by security breaches. For those who shop at a retailer that has experienced a security breach, 39 percent spend less per trip than before, 67 percent use cash instead of credit or debit cards, and 60 percent shop online with one specific card designated to online purchases to monitor its activity.
In addition, many consumers still alter their shopping behavior to minimize the chances of a breach affecting them. Thirty-four avoid shopping online and 50 percent avoid shopping on their mobile phones due to the fear of security breaches.