Dive Brief:
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Despite consumer confidence online, in 2017 hackers managed to walk away with $172 billion from 978 million consumers in 20 countries, according to a Symantec report. About 143 million of impacted U.S. consumers lost $19.4 billion as a result of cybercrimes.
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Approximately 80% of consumers say cybercrimes are equivalent to, and should be treated as, a criminal act. But about one-fourth of respondents say stealing online data is not the same as stealing physical property. Even "morally questionable" cybercrimes, like reading someone else's emails, are "sometimes acceptable" to 28% of surveyed consumers.
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Almost half of consumers use authentication methods like fingerprint ID, 19% use a personal VPN and 16% use multi-factor authentication. However, the "blind spot" for vulnerable consumers is using the same password for numerous accounts, and about 60% of consumers shared their credentials for at least one device or application with other users.
Dive Insight:
Ignorance is bliss except when a consumer finds their online data has been breached. The complexity and frequency of cybercrimes is only increasing, and consumers need to learn how to safely navigate the digital world.
The past year was a lesson in maintaining the integrity of security foundations. As showcased in WannaCry, hackers were able to essentially commandeer the security of devices through outdated Windows software.
Mistakes like this highlight the need for regular inventory updates on what is on a network's system. In the case of Equifax, ignoring a patchable bug led to a massive data breach rivaling Yahoo's three billion-person breach.
However, cybersecurity does not start nor end with technology itself. Consumers are also employees, and digital behaviors at home are oftentimes brought to the workplace. About 81% of breaches are due to mishandling credentials, and such simple mistakes can be mitigated with proper training.
Cybercrimes are expected to cost about $6 trillion by 2021, but implementing safeguards and establishing a "see something, say something" approach to cybersecurity may help thwart malicious activity.