Global 2000 customers in industry segments such as finance and banking, energy, technology, higher education, retail and consumer packaged goods are looking to strengthen their cybersecurity defenses.
That’s the word from the third annual Consumer Risk Index from Travelers Insurance, which has revealed a significantly higher number of people are worried about cyber-threats this year than they were last year. Cyber-related concerns grew by more than 20 percentage points from last year, moving from the fifth-ranked to the third-ranked concern overall.
And no wonder: The survey also found that one in four Americans say they have been the victim of a data breach or cyberattack.
“Cyber threats are joining the ranks of the conventional issues that individuals have worried about for decades,” said Patrick Gee, senior vice president of claim at Travelers. “Many may be feeling more vulnerable to cyber risks as Americans are becoming increasingly reliant on technology in nearly every aspect of their daily lives. This may also be playing a role in consumers’ overall perception of risk with so many respondents believing the world is becoming a riskier place.”
Other results from the survey indicate that a majority of Americans (57%) continue to believe the world is becoming riskier. Women, more than men, see the world becoming riskier, as do people over the age of 40. Financial security is the top concern for the third consecutive year, and many Americans remain worried about distracted driving and severe weather.
Of the cyber-risks that were listed as potential concerns, respondents worried the most about their bank accounts being hacked. Americans under the age of 55 are generally more likely to worry a great deal about cyber-risks than those over 55.
Most Americans report having taken basic steps to reduce some of the risks in their lives. Seventy-eight per cent of respondents report that they create strong passwords and keep them private; 76% of respondents limit the amount of personal information shared on the internet; and 69% of respondents keep their browsers updated with the latest security features. Despite this vigilance, some protective measures may be overlooked. Fewer than half of respondents (41%) say they frequently change online banking/financial account passwords.