90% of Consumers Concerned About Poor Vendor Security in 2023

According to new data released by web application and API protection solutions provider ThreatX, 90 percent of consumers are worried about the potential negative impact that poor vendor security could have on their lives in 2023. The survey also found that consumers are demanding greater transparency into vendor cybersecurity strategies and are increasingly hesitant to work with vendors that have a history of data breaches.

The latest findings highlight the growing importance of robust cybersecurity measures for businesses. No one wants to be a victim of identity theft and protecting data at all levels is the recommendation.

In today's tech-driven world, with more and more applications relying on APIs, the need to have real-time scanning of all inbound traffic to prevent cyberattacks is critical. Especially as the scale and sophistication of these attacks grows. According to the report, 48 percent of consumers said their data was exposed due to an organization's lack of protection and nine out of 10 said they are really concerned about the negative impact it will have on their lives.

But are organizations doing a good enough job to help consumers feel safe about working with them? According to the survey, 10 percent of consumers said they actually feel protected by vendors and another 21 percent said if a breach was to happen they would switch to a competitor. Most respondents also agreed they would pay a premium if it meant their personal information was adequately protected.

Many of the recent breaches at big name companies like Venmo and TMobile have occurred due to unprotected APIs and applications. These types of data breaches can have a severe impact on consumers and brand reputations. The need to implement strong security measures is greater than ever.

 “Consumers are more vigilant than ever about protecting their data and they’re now demanding more from the vendors they work with. For businesses, the ability to uncover and track suspicious API and application behavior in real- time is the key to a good cyber defense, strong consumer loyalty, and an overall competitive differentiator,” said Gene Fay, CEO of ThreatX.