The Bigger Picture:
Consumers’ apprehensions regarding cyber threats persist, with only 34% expressing confidence in their ability to repel a cyberattack, and merely 41% certain of their capacity to recover from one.
- This marks a 5-point increase from the 2022 statistics. Almost half (45%) would opt to enlist or contract someone to spearhead the recovery efforts in the event of an attack.
Significance: A staggering 422 million individuals felt the repercussions of the second-highest incidence of data breaches in a single season in the U.S. in 2022.
Understanding Cybercrime: Survey participants indicated their least familiarity with the following subjects: 54% digital unemployment fraud, 53% DoS (denial of service) attacks, 51% deepfakes, and 48% digital tax fraud.
From a statistical perspective:
- 10% of respondents disclosed being targeted, a notable increase from the 2022 figures.
- The most prevalent types of attacks reported were 40% password breaches, 34% malware intrusions, and 30% data breaches.
- Upon detecting the attacks, only 53% felt equipped to respond effectively.
- 51% acknowledged a financial impact resulting from the attacks.
- Subsequently, 58% altered their passwords, 40% updated their cybersecurity software, and 31% invested in identity theft protection.
Consumers are increasingly self-monitoring specific accounts, with 47% overseeing financial accounts, 42% monitoring emails, and 39% keeping an eye on their social security accounts, reflecting an uptick from the 2022 data (+13 points, +10, +8, respectively). The majority of individuals prefer to monitor their personal data autonomously rather than relying on external services.
While awareness is on the rise, a lack of understanding hampers consumers from investing in digital insurance.
- Merely 15% of customers, a slight decline from the 2022 figures, currently possess computer insurance.
Hurdles to adoption include 29% citing perceived costs, 36% lacking awareness of its availability, and 40% admitting to ignorance on the matter.
Food for thought: The FBI’s Internet Crime Complaint Center noted a 49% surge in monetary losses in 2022, despite a 5% reduction in the total number of reported complaints.
