CMO Council Study Finds Consumer Concerns over Information Security on the Rise
By Melissa Campanelli
August 7th, 2006 - DMNews
Consumer concerns about breaches in information security are rising throughout the U.S. and Europe, enough to have a major impact on consumer loyalty and business relationships, according to the new "Secure the Trust of Your Brand" survey being released today by the Chief Marketing Officer Council.
For the survey, over 2,200 consumers were fielded by the Chief Marketing Officer Council and the Business Performance Management Forum , both based in Palo Alto, CA. The survey was underwritten by Cupertino, CA-based Symantec and Factiva, a Dow Jones and Reuters company based in New York.
According to the survey, not only do more than half of survey respondents say their security concerns are rising -- particularly among those who have experienced breaches -- but consumers are not taking these incidents lightly: 40 percent have actually stopped a transaction online, on the phone or in a store due to a security concern.
In addition, more than one third of respondents indicated they would strongly consider taking their business elsewhere if their personal information was compromised. A quarter said they would definitely take their business elsewhere.
The survey report said there is good reason for such consumer backlash over security: In 2005, more than 52 million account records were stolen or misplaced -- a record for such breaches. Among the other key findings of the survey, conducted by Princeton, NJ-based Opinion Research Corp. include:
The consumer survey is one component of an ongoing Secure the Trust of Your Brand initiative, which also includes qualitative interviews and quantitative surveys with business and marketing executives, research conducted by the Zyman Institute of Brand Science at Emory University, and a comprehensive media tracking study fielded by Factiva.
The full Secure the Trust of Your Brand report will be available in September 2006.
The report is available for download at: www.cmocouncil.org.
Senior Editor Melissa Campanelli covers postal news, CRM and database marketing for DM News and DMNews.com. Reach her at firstname.lastname@example.org. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting http://www.dmnews.com/subscribe.php