Almost a third of consumers value their digital lives at anywhere from $100,000 to basically priceless. This is according to a new report by TeleSign, entitled 'Consumer Account Security Report 2016'. It polled 1,300 US consumers, and more than half (55 per cent) said it is primarily the business' responsibility to keep their data safe, both online and on mobile. If it really is their responsiblity – they're doing a poor job at it.
The report says 51 per cent of consumers experienced some cybersecurity incident in the past 12 months, be it having an account hacked, a password stolen or personal information compromised. But the report insinuates that it's not just the businesses who are doing a poor job. Consumers keep reusing old passwords, and using the same passwords across different services, which is something cybersecuity experts have warning against for ages. Sure, it's convenient, but very risky. Almost three quarters (71 per cent) of online accounts are protected by passwords used on different platforms, and 46 per cent of consumers haven't changed their passwords in five years.
“When you consider what comprises an online life – email, banking and social media accounts, personal information, photos and more – these assets are extremely valuable, even ‘priceless’ as some reported,” said Aled Miles, TeleSign CEO.
“With the majority of consumers looking to businesses to keep them safe online, companies need to prioritize providing strong account security or risk losing valuable users. In fact, our report shows 1 in 3 victims of account compromise stopped doing business with the impacted brand.”
Image Credit: Shutterstock/Sergey Nivens