58% Consumers Fear A Cyber Security Threat: Gemalto Study

by January 17, 2017 0 comments

Lack of security measures influence consumer confidence

The lack of consumer confidence could be due to the lack of strong security measures being implemented by businesses. Within online banking, passwords are still the most common authentication methods – used by 84% for online and 82% for mobile banking, and more advanced transaction security the next highest for both (50% and 48% respectively). Solutions like two-factor authentication (43% online and 42% mobile) and data encryption (31% online and 27% mobile) trail behind.

Similar results can be seen in both the retail space, with only 25% of respondents that use online retail accounts claiming two-factor authentication is used on all their apps and websites, and in social media, with only 21% using the authentication for all platforms. Only 16% of all respondents admitted to having a complete understanding of what data encryption is and does.

“Consumers have clearly made the decision that they are prepared to take risks when it comes to their security, but should anything go wrong they put the blame with the business,” said Jason Hart, CTO, Data Protection at Gemalto. “The modern-day consumer is all about convenience and they expect businesses to provide this, while also keeping their data safe. With the impending threats of consumers taking legal action against companies, an education process is clearly needed to show consumers the steps they are taking to protect their data. Implementing and educating about advanced protocols like two-factor authentication and encryption solutions, should show consumers that the protection of their personal data is being taken very seriously.”

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