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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.
PII - More Available Than You Think Consumer information is more readily accessible than many consumers may think. Among individuals who have performed a dark web scan, more than half in each generation said that at least some of their information appeared on the dark web. Socializers (90%) and Linksters (89%) were the most likely to find their PII on the dark web, but even Maturists (58%) found their personal information exposed more often than not. Despite those results, the majority of consumers have yet to search the dark web to explore if their most critical data is available. Just 12% of Maturists had ever conducted a scan, Linksters (35%) and Socializers (33%) were most likely to have a conducted a scan for their own PII. Is Ignorance Bliss? Consumers Believe PII is Safe Unless told Otherwise Nearly one-fourth of consumers within each generation assume their personal information is safe unless notified of a breach. But the threat is real, and consumer data in the wrong hands may lead to many types of identity theft, including the most harmful result of a PII breach - Account Takeover fraud.
Additional highlights of the study included:
For a full version of First Data's Cybersecurity Study on Personally Identifiable Information (PII) please visit www.firstdata.com/cybersecuritymonth. About First Data First Data (NYSE: FDC) is a global leader in commerce-enabling technology and solutions, serving approximately six million business locations and 4,000 financial institutions in more than 100 countries around the world. The Company's 22,000 owner-associates are dedicated to helping companies, from start-ups to the world's largest corporations, conduct commerce every day by securing and processing more than 3,000 transactions per second and $2.4 trillion per year. For more information, visit www.firstdata.com and follow us on Twitter (News - Alert) at @FirstData. View source version on businesswire.com: https://www.businesswire.com/news/home/20181017005273/en/ |