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Shoppers' security fears could be costly for business

Article date: Wed, 25 Mar 2009 12:13 GMT

39% of people are changing their online habits due to security fears

A combination of record cybercrime and the recession is making Internet shoppers even more nervous about spending money online. As a result, UKFast MD Lawrence Jones is warning businesses not to cut corners on Web security.

Poor security provision can have devastating effects on online businesses by destroying customer confidence. So Jones is urging all companies trading on the web to prioritise their security measures.

The advice comes as research from Gartner in the US reveals that 39% of people are changing their online habits due to security fears and a staggering 59% of this group of Internet shoppers are cutting back on their spending as a response to these concerns. 15% are even stopping buying online altogether.

Meanwhile, UKFast research has revealed an average 50% increase in traffic to businesses offering online secure payment facilities since the start of the year. So as customers are demanding more, the smart businesses are responding quickly. Those who aren't are being left behind.

"Online businesses live and die by customers' confidence in their security measures," says Jones. People are still spending but they are becoming more discerning about who they spend with and data security is increasingly the key decision factor. So it is vital for all online businesses to get their security right."

"Even though times are tough and budgets are being squeezed, failing to invest in security is a false economy. Firms cannot afford to gamble on customer confidence," Jones adds.

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