As cyber-breaches rise, consumers alter spending, browsing habits

[Audrey McNeil <audrey () riskbasedsecurity com>]

http://www.cgma.org/Magazine/News/Pages/cyber-security-consumer-spending-habits-201512179.aspx?TestCookiesEnabled=redirect

A dramatic rise in the percentage of Americans reporting that they have
been victims of cyber-attacks has been accompanied by changes in how
consumers shop and use the internet, a new survey by the American Institute
of Certified Public Accountants (AICPA) shows.

Twenty-five per cent of Americans say they have been victims of
cyber-attacks, according to the survey. In a similar survey released last
year, just 11% of respondents reported having been victimised by such
attacks. The growing prevalence of information security breaches has made
many respondents more cautious about their purchasing habits and less
confident in companies’ ability to protect their personal information.

The survey, which polled more than 1,000 US adults in March 2015, found
that 86% of Americans are concerned about whether businesses are adequately
safeguarding their personal and financial data. Their worries are growing:
51% say they are “extremely” or “very” concerned that companies aren’t
protecting their data, versus 39% in last year’s survey.

Eighty-two per cent of respondents said cyber-security fears changed their
shopping and internet habits, up from 69% last year. Fifty-six per cent
said they used cash and/or checks more often, while 40% reduced their
online presence through methods such as visiting fewer sites or turning off
social media accounts.

Though members of all age groups report having been victims of information
security breaches, Millennials were the least likely to be victimised and
the least likely to scale back their online presence in the wake of such
breaches. They also reported the greatest confidence of any age group in
businesses’ ability to protect their data, with just 42% saying they were
“extremely” or “very” concerned that businesses weren’t up to the task.

Cyber-security attacks can be detrimental to victims’ financial wellbeing.
One-fifth of respondents said that identity theft had lowered their credit
scores, while 26% said their credit scores had prevented them from doing
something, such as obtain a loan, a credit card, or a mortgage.

The AICPA National CPA Financial Literacy Commission recommends that
consumers take steps to protect their data, such as inquiring about their
banks’ and credit card companies’ security features, avoiding shopping over
insecure connections, and having fraud alerts put on their credit reports
if they notice a problem. The commission also suggests keeping a list of
credit card information in a secure place and not clicking on links in
unsolicited emails.

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