Our partners at Chubb just finished the Fifth Annual Study on Personal Cyber Risk. Completed by global data agency Dynata, the effort polled 1,605 adults in the U.S. and Canada about consumer behaviors regarding cyber risk.
The cyber safety survey, conducted between August and 29-September 19, 2022, found people are taking concrete steps to protect their personal information and data from cyber-attacks, however poor cyber-security behaviors remain far too common.
According to a release issued by Chubb, key findings include:
People Are Making Progress in Cyber-Safety.
In 2022, more than half of Americans and Canadians reported using multi-factor authentication to log into their online accounts, which is twice the level found in the 2021 survey.
What’s more, nearly 80% say they prefer to use multi-factor authentication. Adoption of practices such as regularly clearing browser histories and using password protection apps, pop-up blockers and malware protection were also up significantly from 2021.
Password Tracking is Troublesome.
Three in five report having trouble keeping track of their passwords. A similar share gets annoyed when they are forced to update their passwords.
Pet Passwords Still Predominate.
The good news: three out of four people report updating the password for their primary bank account in the last 12 months, and 70% have voluntarily updated a password for a digital account without being required to by the provider.
The bad news: half are still including the name of their pet or another identifiable name or date in the new password. Nearly 85% of high-net worth Americans use such identifiable terms or dates in their passwords – more than three times the rate of middle-income respondents (27%).
High-Net-Worth Individuals Most likely to be Targeted.
In the last year, nearly 30% of high-net-worth respondents reported falling victim to a cyber-attack that involved their money. That’s twice the average for all income groups and seven times the frequency cited by middle-income respondents.
People Believe Their Devices are Listening.
Four out of five respondents believe their virtual assistants and streaming devices can listen to their conversations. Two out of three respondents believe they have received an advertisement based on a conversation they’ve had that was captured by a virtual assistant or streaming device.
Not All Cyber Risks Are Equal.
Most respondents believe the app from their bank is secure, but less believe their personal finance or peer-to-peer payment apps are secure. About half of consumers are confident in the security of other apps, such as social media, fitness, and online dating, which ranked lowest among the app categories cited in the survey.
We are pleased to see the gap between awareness and action become smaller.
“Protecting your personal data doesn’t have to be a difficult or daunting task,” said Director of Personal Insurance, Lauren Gordon. “Follow the simple steps below, and you will be on your way to being more cyber secure.”
- Do Software Updates
- Use antivirus protection
- Turn on automatic updates
- Frequently Change Passwords
- Always use a strong combination
- Don’t use the same password across multiple accounts
- Use a passwords manager app; here is a list of the best apps for 2022
- Monitor Credit Profile
- At least once a year, request your (free) credit report
- Sign up for credit monitoring service
- Monitor Your Data
- Back up your data in the cloud or external hard drive
- Use Multi-Factor Authentication
- Practice Safe Social Media Use
- Don’t share personal information online
- Don’t accept friend requests from strangers
- Watch Where You Click
- Don’t click links from unknown senders
- Don’t click sale or digital coupon links in email
- If it looks suspicious, stay away from it
The survey concluded about two in five people currently have a personal cyber insurance policy. More interestingly, the results reveal age makes a difference. Millennials are most aware and more likely to obtain personal cyber insurance, while Baby-Boomers and Gen Xers are more likely to not be aware of this kind of protection.
We know personal cybercrime is on the rise. Today’s advanced technology increases risk both online and offline, creating new opportunities for criminals to target your personal and financial information. For added peace of mind, call an Avery Agent to review cyber insurance coverage that might work for you.