ON SAFETY, SECURITY AND PRIVACY, CASH ... SEPARATES FROM PACK.

away from mobile and online channels, in our estimation.”

There could be broader “brand” effects felt as well. A recent report on data breaches from U.S. market research firm Forrester warned of “brand recovery costs” a company may incur in order to regain the trust of customers.

“For example, retailers, restaurants, and hotels may see greater fluctuations as consumers can more easily take their business elsewhere,” it said. “Developing a strategy for an event that undermines credibility or trustworthiness of a brand is more difficult and costs more than a short-term engagement to contain an issue (e.g., product recall).”

A Sept. 14 report from Morgan Stanley on Equifax said that investors had been concerned about heightened regulations for the industry. “This could result in higher compliance costs at best, or nationalization of the credit bureau function at worst,” said the note.

Yet spooked consumers may also be limited in what they can do.

“We are all moving toward a cashless society,” said Bob Hudyma, associate professor at Ryerson University’s Ted Rogers School of Information Technology Management, in an interview.

“Even if I wanted to, I would have to take extreme measures to go off the grid, and that’s really not practical for any of us that want to live in any kind of a city,” said Hudyma. “The answer is you’ve got no choice.”

However, Hudyma noted there were reports Wednesday of a breach of store payment systems at drive-in burger chain Sonic Corp., and that this was seemingly becoming a “weekly” phenomenon.

RBC also cited the 2017 study of U.S. consumers done by ATM operator Cardtronics Inc., which found that cash remains the “most commonly used form of payment by a comfortable margin,” even as its usage declined by four per cent from 2016 to this year.

Meanwhile, debit card usage fell eight per cent year over year, credit card usage was flat, and digital payments climbed 16 per cent. However, cash remained the preferred payment method for 27 per cent of consumers, and 29 per cent of millennials. Debit cards were the only payment method more popular than cash, with 33 per cent of consumers preferring it.

“And when the choice of ‘how to pay’ hinges on safety,