Next Caller Report Finds 57% of Consumers Not Confident Brands Are Protecting Their Information

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Majority of Consumers Won’t Drop a Business Just Because It’s Hacked, Millennials Are The Most Forgiving

With the frequency and scope of data breaches increasing at an alarming rate in 2017, the team at Next Caller today released their 2018 Trust in the Age of the Data Breach report. The report examines the impact fraud is having on consumers and their overall trust of businesses and institutions.

The Identity Theft Resource Center (ITRC) reports that there were over 1500 data breaches in 2017, up 45% from 2016. These breaches led to nearly 180 million records being exposed -- many of which contained highly sensitive and personal consumer information.

“While it may not be possible to prevent 100% of data breaches from occuring, our report found that the handling of a breach is equally as important as having the proper technology and protocols in place to prevent them” said Next Caller CEO, Ian Roncoroni. “Organizations not only have the responsibility to safeguard their customers’ personal information, but in this fraud filled landscape, it’s more important than ever that they are forthcoming and transparent in their communication around these events.”

With breaches becoming more and more commonplace, and the fact that companies like Equifax have been called into question for their handling of such incidents, Next Caller found an increase in anxiety amongst consumer about their personal information being exposed, as well as a decrease in trust of the organizations who are supposed to be safeguarding it.

Key findings from the report include:

  • 80% of consumers say the way the affected organizations responded to the breaches in 2017 makes them less trustworthy.
  • 61% of respondents report that they would not drop a business just because it was breached, and would make the decision based on how the company handled the situation.
  • Millennials seem to be the most forgiving, with 69% saying a company’s reaction to the breach impacts their decision more than whether the breach happened at all.
  • The overwhelming majority of consumers (59%) say they are most concerned with breaches in the Banking & Finance industries.
  • 52% of consumers anticipate that stronger security defenses will impact their customer experience negatively.

The full report can be viewed here: bit.ly/BrandTrustReport

About Next Caller’s 2018 Brand Trust in The Age of The Data Breach Report
To supplement its own institutional knowledge and personal expertise in the fraud protection space, Next Caller commissioned a Google Survey “Next Caller Trust Report” of a sampling that is accurately representative of the current U.S. population, with a root mean square error (RMSE) of 5.3%.RMSE is a weighted average of the difference between the predicted population sample (CPS) and the actual sample (Google).

About Next Caller
Next Caller is the leading provider in call verification technology that aids in authentication and fraud detection. Next Caller delivers the trust that every business needs to provide a great customer experience without compromising security. For more information, visit http://www.nextcaller.com.

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