The retail sector is the least trusted industry for protecting Australian's consumer's personal data, new research from PCI Pal and Natterbox found.
The This is Australia research surveyed over 2000 Australian consumers and found that 74% said their confidence in a brand's data securty influences how they spend their money with that brand.
The report also found that 43% of respondents said they would never return to a brand post-breach, while a further 43% would suspend purchasing in the aftermath of a breach.
The research also found that 34% of consumers have been victims of data breaches or a hack.
PCI Pal CEO James Barham said that security is top-of-mind for Australian consumers.
"The way companies safeguard their customers’ personal data is impacting which brands are trusted and how much consumers spend with those brands.
"The combination of high-profile breaches and personal data loss experiences has made data security top-of-mind for Australians when they reach for their wallets.
"At a time when Australian retailers are experiencing challenging times, these findings indicate businesses must take data security seriously to ensure, and in some cases win back, consumer confidence and brand loyalty," he said.
Small businesses are grouped in the low-trust category, with over half of the respondents indicating they trust large national companies over smaller businesses because they believe that larger businesses invest more in security.