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BizReport : Trends & Ideas archives : November 16, 2016

What price would you put on your online data?

A new report into consumer attitudes towards online security reveals the price people put on their digital lives and who they believe is responsible for the security of their online, and mobile, accounts.

by Helen Leggatt

In their survey of 1,300 consumers in the U.S. TeleSign found that nearly a third of people value their digital lives - those aspects such as email, banking, social media accounts, personal information and photos - at between $100,00 to priceless.

Overall, 82% said they were concerned about online security, and 88% were specifically concerned with being hacked. Yet, the survey found that more than half (51%) had experienced a security incident in the past year, whether it was having an account hacked, password stolen, or their personal information compromised.

Despite concerns or experiences with compromised security online, consumers continue to put themselves at risk. Many reuse passwords at an alarming rate using, on average, the same password for seven online accounts. That means 71% of online accounts are protected by passwords that are used across multiple sites.

However, 55% of consumers place the responsibility of keeping their digital lives secure on businesses. In fact, the survey found that nearly one in three victims of account compromise stopped interacting with the impacted business.
"With the majority of consumers looking to businesses to keep them safe online, companies need to prioritize providing strong account security or risk losing valuable users," said Aled Miles, TeleSign CEO.

Tags: personal data, security, trends

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