Consumers expect the companies they do business with to take a responsible approach to safeguarding their personal data. They also place the responsibility for the security of their credit card data firmly with the companies they transact with. According to a Ponemon Institute study, 63% of consumers believe organizations should be obliged to provide identity theft protection.
It follows, therefore, that a company’s reputation is at risk in the event of an attack. Indeed, most companies report lost reputation, brand value and marketplace image, as well as an increase in churn rate (customers leaving to the competition) of 15% following a cyber-attack.
The good news is that those companies which can demonstrate that they take payment security seriously will be rewarded by customers.
Research by Worldpay found that, between 10% and 25% of consumers in countries as diverse as Australia and Brazil drop out of an online checkout because they felt concerned that the website was insecure. The same survey found that the availability of authentication and digital certificate logos is either the most, or one of the most, important factors in trusting a website for consumers in all the countries surveyed.
Thinking about the entire payment process, starting with the information displayed on the homepage and all the way through to the checkout, a website from a well-known and reputable brand is the most important factor that makes consumers feel secure.
Companies that take payment security seriously can earn the trust of their customers and deliver a better purchasing experience. Have a look at our report Safeguarding information systems whitepaper for more on this important topic.