Data breaches have become routine, but the public reaction to these events is changing. Consumers are increasingly wary of sharing their information — just ask Mark Zuckerberg — and this trend raises the stakes for all financial institutions and merchants.
Europe is taking action, with the General Data Protection Regulation
going into effect this month, requiring companies that do business in European Union countries to add safeguards to protect consumer data or risk fines. Though the U.S. has no similar mandate, the GDPR is refocusing attention on data breaches in the U.S. Currently 80% of U.S. adults are concerned about organizations’ ability to protect their personal and financial information, according to a new survey by the American Institute of CPAs.
Here’s a snapshot of how the ongoing barrage of data breaches is affecting consumers and their trust in the companies that handle their data.