First Data Releases Cybersecurity Study on Personally Identifiable Information (PII)
As data breaches continue to make headlines across the globe, consumers are putting more thought into the personal information they make available, and businesses are fighting to keep consumer data secure. Today, First Data (NYSE: FDC), a global leader in commerce-enabling technology, announces the results of its 2018 Consumer Cybersecurity Study. The study explores the attitudes and actions of today’s consumers towards securing their Personally Identifiable Information (PII), and identifies trends that can give financial institutions, retailers, service providers and individuals themselves an extra edge in the battle for personal data.
The study is based on survey data from 1,767 U.S. consumers and aggregates responses across four unique age groups: Linksters (ages 18-23), Socializers (24-34), the MTV Generation (35-54), and Maturists (55+).
“The results of the survey show that consumers lack awareness as to how much of their PII is on the dark web, and have little trust in businesses’ abilities to keep their data safe,” said EJ Jackson, Head of Security and Fraud Solutions, First Data. “Advances in technology are opening new opportunities for fraudsters to obtain PII, and businesses must proactively respond by implementing technology solutions that keep consumer data safe and secure.”
Which Businesses do Consumers Trust? A Wide Gap in Consumer Opinions
The majority of consumers believe that fraud is inevitable within any industry. However, all generations tend to put more trust in regulated, records-driven businesses. Retailers and service providers who offer more convenient, quick-swipe payment channels, are not nearly as trusted.
Among the most trusted business types by consumers are Financial Services (46%), Healthcare (39%), and Insurance (30%) companies; the least trusted groups include Retail (8%), Foodservice/QSR (8%) and Petroleum (4%) businesses.
Consumers also reported similar differences in which industries they felt were best prepared to navigate the challenges of a data breach. Among the most prepared, consumers feel Financial Institutions (50%), Government (41%), and Healthcare (30%) business are best prepared. Conversely, consumer confidence was lowest among Petroleum (6%), Foodservice/QSR (6%) and Retail (11%).
Are Social Platforms a Haven for Identity Thieves?
With social platforms at the center of several recent and prominent data exposures, consumers are expressing caution around an emerging source of online risk. Nearly one in five (18%) of U.S. consumers say they’ve had a social media account hacked, and recent exposures are causing more users to delete accounts or change passwords.