The Cybersecurity Risk

What Consumers Fear and How to Protect the Brand

Report by Jessica Lis  | Aug 11, 2022
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About This Report
Cyberattacks have far-reaching effects on how a consumer perceives and interacts with a brand. That means cybersecurity is no longer just IT's problem: A company's strategy requires a concerted effort across all departments.
Topics
Cybersecurity
Consumer Privacy & Security
Technology
United States

Executive Summary

A company’s cybersecurity strategy affects brand perception and consumers’ willingness to trust and engage with brands. Consumers lack faith as many expect that a data breach involving their information is inevitable. As the number of cyberattacks grows, departments across a company will need to participate in responses to these assaults.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

  1. What do brands need to know around market forces that could disrupt business?
  2. What are companies and consumers thinking and doing?
  3. How can brands use this information to better communicate what they’re doing to mitigate risk?

WHAT’S IN THIS REPORT? A breakdown of cybersecurity spending that allows companies to benchmark their own outlays. Also, strategies companies can use to mitigate cybercrime without losing consumer trust.

Planned Changes* to Cybersecurity Budget According to IT Security Executives Worldwide, Aug 2021 (% of respondents)
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KEY STAT: Cybersecurity spending will grow over the next few years, as 69% of IT execs expect to increase cybersecurity outlays in 2022, while only 15% plan a decrease.

Here’s what’s in the full report

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11charts

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Charts in This Report

Planned Changes* to Cybersecurity Budget According to IT Security Executives Worldwide, Aug 2021 (% of respondents)Attempted Ransomware Attack Frequency According to IT and Cybersecurity Experts in North America and Western Europe, Jan 2022 (% of respondents)
Biggest AI-Related Risks US Executives Are Currently Facing, Jan 2022 (% of respondents)Average Cyber Budget According to UK/US IT and Business Decision-Makers, by Sector, Sep 2021 (millions)
How Much US Internet Users Trust Companies to Responsibly Handle Their Personal Information and Data on Their Internet Activity, by Company, Nov 2021 (% of respondents in each group)Activities US Internet Users Do to Secure Their Own Personal Data, Dec 2021 (% of respondents)
Most Irritating Aspects of Bank Security Measures According to Banking Customers Worldwide, Sep 2021 (% of respondents)Actions Their Company Has Taken to Increase the Trust of Their Brand in the Face of Privacy Concerns According to US CMOs, Feb 2022 (% of respondents)
Ongoing Enterprise Ransomware Preparedness Activities and Processes According to IT and Cybersecurity Experts in North America and Western Europe, Jan 2022 (% of respondents)Safeguards UK/US C-Level Executives Have in Place to Protect Against Ransomware Attacks, Sep 2021 (% of respondents)
Average Number of Attempted vs. Successful Cyberattacks Per Company According to Business Executives Worldwide, April 2021

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authors

Jessica Lis

Contributors

Caroline Fulford
Senior Researcher
Evelyn Mitchell
Analyst, Digital Advertising & Media
Yoram Wurmser
Principal Analyst