Cyber attacks put off Black Friday shoppers
Authored by QBE Head of Media Relations and Content Sandra Villaueva
A QBE Insurance survey has found that more than half (54%) of Black Friday shoppers would give a wide berth to an online retailer that had had a date breach, highlighting how seriously shoppers are taking cyber security ahead of what is predicted to be a bumper Black Friday.
With the cost-of-living crisis likely to boost Black Friday shopping, online retailers need to up their cyber security game to protect consumer data and confidence. If not, they risk losing business - 76% of Black Friday shoppers polled said that the cyber security of an online retailer mattered to them
Erica Kofie, Head of Cyber Proposition for QBE Europe, says: “It is crucial that online retailers are prepared for cyber attacks this Black Friday or risk losing customers. Having a strong cyber security policy is more important than ever considering the ever-evolving complexity of cyber attacks. Businesses that fail to demonstrate a strong enough cyber policy could even struggle to secure cyber insurance, leaving them vulnerable and less protected from cyber attacks.”
Results from the survey include:
• 76% of Black Friday shoppers said that the cyber security of online retailers is important to them
• 54% of Black Friday shoppers said that if they knew an online retailer had experienced a data leak they would be less likely to shop there
• 55% of Black Friday shoppers said that a strong cyber security published on an online retailer’s website would make them more inclined to shop there
• 38% of Black Friday shoppers said that they would be more likely to shop with an online retailer if they had successfully prevented and managed a cyber attack
For the survey, Opinium Research polled 2,000 UK adults from 10 to 14 November (online), including 1,301 Black Friday shoppers. The results have been weighted to be nationally representative.
About QBE
QBE European Operations is part of QBE Insurance Group, one of the world’s leading international insurers and reinsurers and Standard & Poor’s A+ rated. Listed on the Australian Securities Exchange, QBE’s gross written premium for the year ended 31 December 2018 was US$13.7 billion.
As a business insurance specialist, QBE European Operations offers a range of insurance products from the standard suite of property, casualty and motor to the specialist financial lines, marine and energy. All are tailored to the individual needs of our small, medium and large client base.
We understand the crucial role that effective risk management plays in all organisations and work hard to understand our clients’ businesses so that we offer insurance solutions that meet their needs – from complex programmes to simpler e-trading solutions – and support them in minimising their risk exposures. Our expert risk management and rehabilitation practitioners focus on helping clients improve their risk management so that they may benefit from a reduction in claims frequency and costs.