U.S. consumers are more concerned about the privacy of their personal data than before, and that makes them increasingly likely to switch to a rival firm’s services if they believe their data is under threat.

That’s according to a new International Data Corp. survey published Monday. IDC polled 2,500 U.S. consumers on their privacy concerns in the financial services, healthcare, retail and government sectors for its survey, and found that 84 percent of respondents were “concerned” about the privacy of their data. Just over a third of respondents added that their level of concern is greater than it was in previous years.

The most relevant finding for businesses however, is that 78 percent of consumers said they would switch to another business if their provider was affected by a security breach. “Consumers can exact punishment for data breaches or mishandled data by changing buyer behavior or shifting loyalty,” Sean Pike, program vice president of security products and eDiscovery and information governance at IDC, said in a statement.

Just how concerned consumers are varies according to their sex and age. Women, and those in the 18 to 35 years age bracket indicated they were more likely to consider switching to alternative brands in the event of a data breach.

Businesses also need to be aware that consumers are more willing than before to evaluate a company’s track record for protecting personal information, the report found. This is especially true of the retail sector, where most consumers admit they’re not even aware of the kind or amount of personal information stores might collect on them.

“It is in a retailer’s best interest to define what information they are tracking firmly and clearly, and to provide consumers methods to manage those preferences,” IDC’s report said. “Retailers who do not take consumer data protection seriously may find that they permanently lose customers to competitors that offer more transparency and manageability of their Personally Identifiable Information.”

Healthcare providers also need to keep their guard up. The industry has become one of the main targets of ransomware in the last couple of years because in many cases, providers are willing to give into their demands in order to regain access to patient’s data. But IDC warns that such attacks can have a big dent in consumers’ confidence in a particular provider.

Confidence in financial services providers isn’t much better, even though IDC admits that banks have become “very good at catching and even predicting fraudulent charges.” Banks have generally tightened up on data security since the introduction of federal laws that cap consumer liability for fraud at $50, but IDC’s report warns that 60 percent of consumers would still likely switch to a new provider if they thought their personal information was at risk.

IDC reckons that businesses can do their bit to increase consumer confidence in their services by relaying to their customers the steps they’re taking to protect their personal data. It recommends security-specific advertisements as a first step, adding that consumers who have had their data stolen in the past are more likely to respond to such a pitch.

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