Cybersecurity fears loom as Cyber Monday draws closer

People are reluctant to do some online spending this holiday season.

Businesses will have a lot of work to do this holiday season to motivate shoppers to do some online spending, as a new research report into the matter unveiled some unfavourable results. After polling 1,900 consumers in the US and the UK, Computop says consumers are not that interested in shopping online for Cyber Monday simply because the deals aren’t what they used to be. 

Oh, and also – they’re fairly worried about cybersecurity.  

Out of 1,900 polled consumers, more than three quarters (76 per cent) said they plan on shopping online this holiday season. But – almost a third (62 per cent) don't plan to do so during Cyber Monday, saying it simply doesn't offer the deals it used to. That is the biggest, but not the only takeaway. It is also interesting to see the security concerns among shoppers. 

More than six in ten (61 per cent) checked liability policies of their payment method provider, in case of a fraud. Almost three quarters (74 per cent) said they're worried about giving credit card or banking information online, and a quarter (26 per cent) fear biometrics could be spoofed. 

“Despite the sustained interest in purchasing online, consumers continue to have significant concerns about the security of their personal information,” said Ralf Gladis, CEO of Computop.  

“However, they are not necessarily interested in taking extra steps to protect themselves – and in the case of the newer authentication technologies we agree. Before moving forward with features like these, it’s critical as an industry that we are able to ensure this data is stored securely before we potentially open up a possible new area for identify theft.”    

Image source: Shutterstock/Olesia Bilkei