Millennials are a crucial part of the customer base for many companies. If your online security is not up to par, though, you run a high risk of losing them.

In a recent study released by Intercede, a digital credential management firm, 54 percent of Millennials said a business's failure to implement strong password safeguards and other cybersecurity protocols will result in public distrust of its goods and services. Less than 5 percent of respondents believe companies' websites protect their identity and personal data effectively.

Atomik Research conducted the study for Intercede, polling 2,000 people in the U.S. and U.K. aged 16 to 35 about their views of the business world's security practices. Looking forward, about 70 percent said the risk to their identity and personal data will increase, with 31 percent believing the increase in risk "will be dramatic."

Nearly half of respondents said weak security protocols will lead to a decline in data sharing, and more than a third predicted there will be consumer demand for action by companies and the government to shore up their security protocols. 

The bottom line is that the next generation of consumers take online privacy and security very seriously. If your company isn't focused on keeping their information safe, you should stop collecting it.