Consumers fear for their data: Radware survey finds

American consumers worry more about having their personal data stolen than their wallet.

Radware, a leading provider of cyber security and application delivery solutions, has released the findings of its Consumer Sentiments Research, which found that American consumers worry more about having their personal data stolen than their wallet. In fact, of the 3,000 American consumers polled, 55% said data theft ranks above the theft of their wallet (23%), car (10%), cell phone (6%) and house keys (6%).

“It’s no surprise that data theft ranks so high in the minds of Americans as a major risk,” said Anna Convery-Pelletier, chief marketing officer for Radware. “It’s easy to buy a new car or a new cell phone but having private data exposed can have permanent consequences for both the consumer and the brand where the breach occurred. When an organization does not properly secure its network, it is putting its brand reputation in jeopardy and risking its customer base.”

Key takeaways of the survey include:

- Hackers and consumers value data differently. While more than half of respondents (54%) said they would be most concerned if their Social Security Number was stolen, hackers buy and sells Social Security number for around $2, whereas full medical records can sell for up to $1000. Americans were less concerned with the theft of their banking information (18%), credit card number (9%), health records (9%), private cryptocurrency key (4%), passport information (3%), and driver’s license (2%). These types of records and data, which are often traded and sold on the internet or Darknet, can easily make their way into the hands of malicious actors.

“Some of your most private information can be bought and sold on the internet for less than the price of a cup of coffee,” said Convery-Pelletier. “While Americans don’t realize how much of their personal information might be stored by the businesses they interact with daily, a breach can quickly put consumer identity, credit, and other information at risk. The onus is on organizations to invest in the right technology and services to improve their security posture and prevent these massive breaches from happening in the first place.”

- Breaches damage customer loyalty. Data breaches can significantly impact customer loyalty and brand reputation. Less than one-in-four (23%) of Americans said they would continue to do business with a brand after a breach, 10% said they would no longer do business with that organization, and the majority (68%) said they would need to be convinced that the business fixed the security issue before returning.

Executives understand this threat. Radware’s recent 2018 Executive Application and Network Security Report revealed that more than 40% of companies ranked customer loss as the top threat to their business from a cyber-attack. Additional Radware research shows that retail executives in particular view customer loss as the top threat, with more than half (58%) noting that customer loss was top of mind.

To learn more about the survey, visit https://www.radware.com/cybersecurity-consumers

TAGS: Management
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