Most UK consumers would stop doing business with any organisation that lost personal data, a survey has revealed.
On average, 76% of 4,000 customers polled by Canon in the UK, France and Germany said they would leave if personal data was lost by a supplier. The UK was the highest with 80%.
Half the respondents said loss of credit card or bank details was most likely to prompt them to leave, followed by "all types of data" (27%), passwords (7%), personal records (4.6%), name and address, and email or telephone number (2% each).
Regardless of the proposed new European Union data protection regulations, organisations should note that only 2% said they would not leave due to a data loss.
Some 87% of UK businesses admit they would be unable to identify individuals affected by a data breach within the EU’s proposed 24 hour timeframe, another survey revealed.
A further 13% said it would take them between a week and one month to pinpoint which customer data was affected, according to research by security management firm LogRhythm.
Despite the UK stance on data loss, the Canon survey also found that more than two-thirds of UK consumers rank cost above security when choosing a service or buying a product.
On average, cost is more important for 63%, and although German respondents were the most concerned about security, 55% still said cost was more important.
On average, cost was more important for respondents aged 18 to 24 (71%) and those who did not read any part of a provider's security policy (78%).
UK consumers are the least likely to read security clauses. Only 30% read key clauses, compared with the average of 37%. Some 20% did not read any of the security clauses.
German consumers are the most likely to read through all the security clauses (45%) and only 4% said they did not read any part of the security policy.
However, 37% of UK customers think business or service providers do not do enough to protect data from getting lost or misused, compared with the average of 32%.
French and German consumers are more confident in organisations' ability to look after data, with 47% and 48% respectively saying organisations do just the right amount to protect data, compared with just 29% in the UK.
Only 8% of UK respondents think organisations do enough, compared with 12% in France and 15% in Germany.