1. New survey shows New Yorkers prioritize data security significantly. 2. 85% may stop using a service after a data breach. 3. Trust in brands directly linked to data security practices. 4. New Yorkers increasingly data-minded, affecting brand loyalty. 5. Businesses must enhance cyber resilience to retain customers.
FAQ
Why Bullish?
The increasing focus on data security aligns with Commvault's offerings, enhancing market positioning. Historical instances show security leaders see stock price appreciation during similar market trends.
How important is it?
The article emphasizes consumer expectations for data security, directly influencing CVLT's market performance. Increased demand for resilience enhances CVLT's strategic relevance.
Why Long Term?
Long-term growth in cybersecurity demand will benefit CVLT as it solidifies its leader status. Enhanced brand loyalty and trust will sustain future revenue growth.
New Yorkers Demand Higher Data Security Standards from Businesses, According to Latest Survey by Commvault (NASDAQ: CVLT)
A recent survey commissioned by Commvault (NASDAQ: CVLT), a leader in unified enterprise resilience, has revealed a growing urgency among New Yorkers regarding data security. The survey indicates a clear expectation from the public that businesses must prioritize the protection and resilience of their data, or risk losing consumer trust and loyalty. Conducted among 1,001 New York professionals, gig workers, and students, the findings emphasize the need for companies to step up their cybersecurity efforts in a climate where data breaches are prevalent.
Key Findings on Data Security Expectations
According to the survey results, a significant majority of respondents expressed their willingness to reconsider their relationships with companies that do not demonstrate adequate data security measures. Here are some of the survey's critical takeaways:
- 85% of respondents indicated they would either stop (41.8%) or might stop (43.7%) using a company following a data breach.
- 38% have already ceased using a service due to distrust in its data security capabilities.
- 43% of New Yorkers continue to patronize businesses they believe prioritize data security.
- 56% would recommend companies that demonstrate strong data protection practices to their friends and family.
The Reality of Cyber Threats
The landscape of cybersecurity is increasingly concerning, as nearly 48% of New Yorkers reported being victims of cyberattacks at least once. This widespread prevalence of cyber fraud is prompting residents to adopt more vigilant personal security practices.
However, significant gaps in security measures remain, with many individuals potentially jeopardizing their data as well as that of their employers. Notably:
- 44% of respondents employ unique passwords for all accounts, yet 56% continue to reuse passwords, creating vulnerabilities.
- While 53% of participants utilize two-factor authentication on public WiFi, 15% reported taking no security measures at all.
- Nearly 49% avoid accessing sensitive data on public WiFi, although more than half still engage in risky online behavior.
Expert Insights on Consumer Expectations
Vidya Shankaran, Field CTO, Cloud, Security, and Emerging Technologies at Commvault, remarked, "Consumers are more security-minded than ever before - making decisions like where to shop or what bank they use based on the company's data stewardship." This statement highlights the pivotal role that data protection plays in maintaining customer confidence, especially during peak seasons like the holidays.
Jessica Barker, MBE, PhD, co-CEO of Cygenta, added, "Consumer expectations tied to security and resilience have never been higher for businesses, and that's only going to get more pronounced as the AI era accelerates." Barker emphasized that businesses must continuously remain alert to preserve consumer trust, as it can be challenging to rebuild once lost.
Research Methodology and About Commvault
The survey was conducted independently for Commvault by Censuswide, capturing insights from a diverse group that included 36% Managers/Supervisors, 30% Individual Contributors, and 19% Executives, between June 4 and June 10, 2025.
Commvault (NASDAQ: CVLT) is renowned for its unified resilience solutions, designed to protect data securely while enabling organizations to embrace emerging technologies. It ensures clients are equipped to navigate a continuously evolving threat landscape, offering robust data recovery and cybersecurity capabilities.