It would appear the utilities industry has a hard time when it comes to data security.
IBM’s latest data breach report shows that, as of 2020, the energy sector’s average cost of a data breach was an eye-watering $6.39m – well above the calculated global average of $3.86m and ranking second out the 17 industries surveyed in terms of average cost. A figure high enough to give the chills to energy CEOs across the globe.
This calculation accounts for the fines and financial losses a firm would face in the short term as a result of its customers’ data being compromised. But looking longer term, and when taking into account our own findings which showed 41% of UK consumers and 21% of US consumer said they would never return to a business that suffered a data breach, the damaging financial effects could continue for years to follow.
In our global research, the utilities industry appeared in the top five ‘least secure industries’ when it came to data security for consumers in Australia, North America, the United Kingdom and Mainland Europe – giving a stark warning for utility companies worldwide to move data security up their agendas.
As a highly competitive market, with a wide choice of suppliers, carrying a bad rep for unsecure data practices is enough to lose the data security-conscious consumer of 2020 to another provider altogether.
To improve security and mitigate these risks and damages, it is important for businesses to process their Cardholder Not Present (CNP) payments securely, without bringing their environments into scope of PCI DSS and other data security rules and regulations.
PCI Pal helps utility companies do just that. Learn how one UK-based Water Supplier, Pennon Water, improved staff morale and customer satisfaction while delivering on its commitment to process payments in a secure and compliant way.