Most Americans Maintain Store Loyalty after Data Breach
Despite affecting over 100 million people, a new study finds that most Americans continue to shop at their favorite stores after a data breach. Only 11% of people who had received notice about a data breach said they stopped shopping at hacked merchants after the event. This equates to 11.5 million people.
Nearly one in four consumers reported they received notification about a data breach, but 44% of those people said they were aware of the breach prior to receiving the notification. About 10% of people said they had discovered suspicious activities on their accounts on their own, simply by monitoring their finances.
Despite the fact that Americans appear to be desensitized to financial data breaches, 62% of respondents in the Rand Corporation study said they accepted the hacked merchant’s offer for free credit monitoring. 77% of consumers said they were very pleased with the company’s response after the breach. This indicates that companies have done an adequate job at resolving issues after security hacks, from warning their customers about the matter to providing post-breach resources.
47 of the 50 states in America have laws requiring companies to notify customers after a data breach. Alabama, New Mexico, and South Dakota are the only exceptions. Respondents from these states did have a lower level of notifications, but not enough to be statistically significant.