August 10, 2006, 12:00 AM

Security concerns keep 1/3 of consumers from purchasing online or offline

Over one-third of consumers polled about the security of personal information have stopped a transaction online, on the phone or in a store due because of security concerns, according to a new study from the CMO Council.

Over one-third of consumers polled about the security of personal information said they have stopped a transaction online, on the phone or in a store due to security questions or concerns, according to a new study from the CMO Council, a Palo Alto, CA-based organization for chief marketing officers.

The report-based on data collected in the U.S. and Europe from April 25 to May 7 by Opinion Research Corp.-found that concerns about the security of confidential information are rising. In the U.S., 43% of respondents said they had stopped transactions due to security concerns, while in Europe, 37% had stopped a transaction.

In addition, 59% of U.S. consumers and 66% of European consumers who actually ended a transaction because of security concerns said they are likely to take their business elsewhere, according to the report.

Internet security was near the top of consumers’ concerns, outstripping personal safety, home computer security, property protection, terrorist attack, protection of medical information and air travel safety, the report found. 65% of U.S. consumers and 52% of European consumers said they were most concerned about the security of web transactions.

The study was sponsored by Symantec and Factiva.

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