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Navigating Cyber Risks: the consumer view
Half of Irish consumers whose bank details were lost or hacked in a cyber attack would not shop online or in-store with that business again
• Half of Irish consumers would cease business with a store altogether if their bank details were compromised in a cyber attack on that store
• 76% want businesses held responsible for the security of user data and personal information
• Fewer than 1 in 10 consumers comfortable making payments – or even browsing – on public networks
• Just 53% on consumers control their privacy settings and only 42% understand how to control the level of data or information available about them
• 6 in 10 consumers would only make an online purchase if they felt confident that their data was secure
• 1 in 10 consumers feel comfortable browsing, making payments and entering their card details using public WiFi
• 29% consumers believe their mobile device is as secure as their laptop
• 52% consumers feel comfortable checking their bank balance on a mobile device
• 5 in 10 of customers would no longer shop inshore or online with a particular company if there was a data breach concerning their bank details
Irish based consumer research released today by Deloitte shows that almost half of Irish consumers would cease business with a store altogether if their bank details were compromised in a cyber attack on that store. According to the Deloitte Consumer Review – Navigating Cyber Risks 6 in 10 Irish consumers would only make an online purchase if they were confident their data was secure.
While acknowledging their personal responsibility for protecting their own data online (over half are confident that they have up-to-date security software on the devices they use), the findings clearly demonstrate the expectations with regards to data security that consumers have on the businesses they engage with.
76% of consumers want businesses held responsible for the security of user data and personal information online. A similar number do not want businesses to share their data with third parties and want companies to provide them with tools to protect their privacy, security and reputation online. Consumers also have a clear expectation on banks to keep them safe from online payment and credit card fraud, and also expect government to enforce data protection.
David Hearn, Partner, Deloitte commented: “We live in a digital economy. Businesses are amassing more personal information about their customers than ever before. This data is valuable to cyber criminals with the result that businesses are exposed to greater cyber risks than ever before. While consumers are alert to these dangers, they are distrustful of how organisations protect and use their personal information. Consumers want more control over their data privacy and would like businesses to provide them with better tools to protect themselves online. Businesses can begin to address the trust gap by being more transparent about the information they collect and reassuring consumers about how their personal data is protected.”
Findings show that consumers understand the dangers of sharing data on insecure networks and feel most comfortable when browsing and carrying out transactions on their home Wi-Fi network. There are low levels of trust in public and in-store Wi-Fi when it comes to entering payment details with fewer than 1 in 10 consumers comfortable making payments - or even browsing - on public networks. Mobile networks are more trusted than public and in-store Wi-Fi both for browsing and completing transactions.
Despite their concerns about online privacy, just over half (53 %) of consumers control their privacy settings and only 42% understand how to control the level of data or information available about them. Only 29% feel their mobile phone is as secure as their laptop. A significant 38% consider that mobile devices are less secure.
Jacky Fox, Cyber and IT Forensic Lead, Risk Advisory, Deloitte commented: “Consumers attitude to public and in-store Wi-Fi shows that they are alert to the risks of cybercrime and concerned about the privacy of their personal information. This is both an opportunity and a challenge for consumer businesses. On the one hand, businesses can gain a competitive advantage by reassuring consumers about how their personal data is collected, stored and used. On the other hand, the more information that businesses collect, the more attractive that data becomes to cybercriminals, increasing the risk that the business may be subject to a cyber attack.
“The first step for businesses is to understand the data that they are amassing and to take an enterprise-wide view of the cyber risks they face. By taking an integrated approach to cybersecurity, with the appropriate planning, systems, technologies and monitoring, many attacks can be prevented and the impact of attacks, when they do occur, can be mitigated. The European Commission is in the process of overhauling EU data protection legislation with the proposed introduction of regulatory requirements. With the rules set to change, businesses are likely to face a variety of new technical and procedural challenges. If businesses fail to act early they could struggle to align policies and procedures with the new requirements.”
Notes to editors:
About the survey
The research was carried out by Amárach as part of an omnibus survey. The total sample for this survey was 1,000 people and the interviewing fieldwork dates were 12 to 16 October 2015.
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