Dubai PR Network, Online Press Release from Dubai and Middle East
 
Technology, Computers & IT(Technology)
Filter PR by
  
KPMG Consumer Loss Barometer highlights disconnect in the event of a data breach
 
Latest KPMG report reveals mismatch between consumer expectations and security executive priorities
 
Dubai, UAE, April 18, 2019:   The continuous evolution of digital transformation is outstripping the pace of cyber security in organizations. As a result, we are witnessing a fundamental disconnect between consumer expectations and concerns, and the ability of organizations to meet those expectations, according to KPMG’s Consumer Loss Barometer report. 
 
The global survey of more than 2,000 consumers and 1,800 Chief Information Security Officers (CISOs) identified a mismatch between the priorities of CISOs and consumers in the event of a breach. 
 
Consumers continue to have reservations about the possible misuse of their private details. They are more worried about how these breaches will affect them personally and are less concerned about the impact of a breach on an organization. The survey found that 69 percent of consumers were concerned about their technology being compromised, while 37 percent reported they have had their financial information compromised in the past. On the other hand, two-thirds of CISOs say they prioritize financial loss and reputational risk over the impact on customer trust. 
 
“It’s clear that organizations are still prioritizing their bottom line ahead of consumer expectations and concerns, despite the opportunity to use effective cyber security strategy to build consumer confidence and engagement,” says Akhilesh Tuteja, KPMG Global Co-Leader, Cyber Security. 
 
In the event of a breach, consumers prefer proof of a fix over an apology (42 and 24 percent respectively). Conversely, CISOs say they would prioritize an apology over provision of those details (47 and 8 percent respectively). 
 
Timothy Wood, Associate Partner and Head of Cyber Security at KPMG Lower Gulf, said: “In the UAE and Oman, we have already seen security leaders making cyber preparedness a priority, from stress-testing the resilience of their systems to making sure they have the right people to handle an attack. Many also recognize the competitive edge this investment can bring, as effective data security can unlock new business opportunities and enable digital transformation.” 
 
Key sector findings:
  • Financial services: Almost half (48 percent) of consumers believe their financial institutions have full or joint responsibility for ensuring that mobile devices used for banking are secure. Automotive: 56 percent of consumers are worried about their car being hacked now, whereas 73 percent are concerned about being hacked five years from now. For a car manufacturer to succeed, it needs to build trust in its ecosystem data security. 
  • Retail: Alarmingly, 71 percent of consumers are more concerned about retailers misusing their personal information than information being taken by hackers (68 percent). This highlights a societal lack of trust in business that organizations must address.


Posted by : Dubai PR Network Editorial Team
Viewed 3568 times
PR Category : Technology
Posted on : Thursday, April 18, 2019  10:44:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : MDS Leads Transformation of the Education Sector with Apple'...
Next Story : HP Transforms PC Security with AI-driven HP Sure Sense
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Make Up for Ever Kicks-off Helwet Ramadan – Season 3 [9919-Views]
Michael Kors Celebrates Old Bond Street Townhouse With a Series of Events [6149-Views]
Police Is the Official Eyewear in Sony Pictures' “men in Black™: International” [6002-Views]
Discover the irresistible La Yuqawam Pour Femme Fragrance [5832-Views]
Make their Eid special this year with these perfect gifts! [4984-Views]
An essential guide to buying fragrance [4746-Views]
Eid Gift Guide Options [4728-Views]
This Ramadan Make Room for the Extra You With REDTAG! [4563-Views]
Flormar's Three Beauty Essentials for Ramadan Nights [4490-Views]
Rado True Thinline My Bird Limited Edition' [4325-Views]
TAG Heuer launches 2 special editions to commemorate Indy 500 race - Carrera and Formula 1 [4264-Views]
6,000 worshippers prayed with Sheikh Saad bin Said Al-Ghamdi at Grand Mosque of Rashidiya ... [4215-Views]
Gift your loved ones a fragrance to remember this Eid by Rasasi Perfumes [4148-Views]
Salvatore Ferragamo Timepieces – Spring/Summer 2019 Collection' [4099-Views]
Tissot Chrono XL NBA Collector' [4093-Views]
Chinese bonds sail a sea of uncertainty [4063-Views]
Al-Futtaim announces 22,000 sqm expansion to Cairo Festival City Mall [4032-Views]
SPF Must Haves – for everyday sun exposure! [3995-Views]
HONOR Has Got You Covered This Eid With Multiple Gifting Options [3898-Views]
First Five Cities Revealed for New Call of Duty Esports League [3855-Views]
Longchamp Eyewear Introduces a New Sunglass Style Featuring the Brand's Signature Stripe ... [3764-Views]
Rolls-Royce marks 115 Years of Excellence and Innovation [3727-Views]
Chronoswiss Flying Regulator Night and Day Limited Edition [3727-Views]
Carl F. Bucherer celebrates premiere of John Wick: Chapter 3 – Parabellum in New Yo... [3690-Views]
Yas Marina Becomes An Official UAE Port of Entry for Foreign Flag Vessels [3654-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories