The growing number of cyber attacks in which sensitive personal and financial details have been stolen is making consumers more wary about doing business online.
This is according to a new survey from Symantec, which revealed that more than 12 million people in the UK were the victims of cyber crime in the last year, with individuals losing more than one working day dealing with the fallout from this.
Fran Rosch, executive vice-president at Norton by Symantec, commented: “Consumer confidence was rocked in 2014 by an unprecedented number of mega breaches that exposed the identities of millions of people who were simply making routine purchases from well-known retailers.”
As such, it will be vitally important for businesses to redouble their efforts to keep customer information secure, and have clear plans in place for dealing with and data breaches that may compromise this.
The study also revealed 15 per cent of UK cybercrime victims in 2014 were affected by ransomware. Despite giving in to the demands, nearly one in 12 people never recovered their digital assets.