More than 50% of Black Friday shoppers are exercising caution when it comes to online retailers that have fallen victim to data breaches, according to a survey conducted by QBE Insurance. The study, carried out by Opinium Research and encompassing 2,000 UK adults (1,301 of whom plan to shop on Black Friday) between November 10 and 14, indicates a prevailing wariness among consumers. A significant 54% of participants in Black Friday sales expressed a reluctance to patronize retailers with a history of data breaches, emphasizing the increasing significance of cybersecurity in the eyes of shoppers.
Against the backdrop of a rising cost-of-living crisis, the survey foresees a heightened Black Friday shopping frenzy. However, the surge in online activity underscores the imperative for retailers to fortify their cybersecurity measures. The research underscores that consumer confidence and data protection are paramount, with 76% of respondents highlighting an online retailer’s cybersecurity as a major concern.
QBE’s findings further revealed that 55% of respondents are more inclined to shop with retailers prominently displaying robust cybersecurity on their websites. Additionally, 38% expressed a preference for retailers that have effectively thwarted and managed cyberattacks. The study emphasizes that as Black Friday approaches, businesses must be prepared for potential cyber threats or risk losing customers. The evolving complexity of cyberattacks makes a robust cybersecurity policy more critical than ever. Failure to demonstrate a strong cyber policy could also impact a retailer’s ability to secure cyber insurance, leaving them vulnerable to cyber threats.
Erica Kofie, QBE Europe’s Head of Cyber Proposition, emphasized the significance of having a strong cybersecurity policy, stating that businesses not adequately prepared for cyberattacks during Black Friday may struggle to secure cyber insurance, leaving them exposed and less protected.
In a related context, Andy Kane, QBE Europe’s Head of Construction Engineering, discussed the state of the UK’s construction insurance market, noting that it had started to level off in some areas and even soften in some lines of business compared to the situation in 2019.