TeleSign’s Consumer Account Security Report 2016 states the 51% of consumers have suffered a breach of their personal information. That includes having an account hacked, password stolen or their personal information compromised.

“When you consider what comprises an online life—email, banking and social media accounts, personal information, photos and more—these assets are extremely valuable, even ‘priceless’ as some reported,” said Aled Miles, TeleSign CEO. “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.”

What is happening is that most of those victims blame the company. It further reports that one in three of those victims stop doing business with the company hacked.

However, the true onus is on the victim due to reuse of passwords. The report shows that, on average, consumers use the same password for seven online accounts. It also states that 46% of those are using a password that is five years old.

Millennials are the most vulnerable. Those aged 18 to 35 have the poorest security habits. The survey revealed that 64% of millennials had an account compromised, hacked, or their password stolen. That compares to 44% of all other generations combined.

Aled Miles said: “With all the dangers we face today in our online lives, it’s encouraging to see that consumers are becoming increasingly aware of how to protect themselves beyond the password alone. 73% are urging companies to provide additional security such as 2FA. Turning it on is a step everyone can take today towards keeping their accounts secured and their online lives safe and private.”

Source: Info Security