Cybercrime Rocks Confidence in Users
Posted by: Timothy Weaver on 10/28/2016 11:26 AM
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Cybercrime is reaching epic proportions. A recent study found that 45% of users have been a victim of some form of cybercrime.
One of the difficulties with gauging the extent of cybercrime is the tendency to under report the incidents.
The study found that one in six users suffered monetary loss. The average loss was more than $1,298.
Also affected was the reputation of the brand. Users lose confidence in the brand when they are compromised. 21% are reluctant to continue to use the brand.
Mobile banking and online retail stores had the highest level of confidence while social media and social media advertising scored the lowest. Data breaches resulted in a loss of confidence in 65% of users while 53% wouldn’t engage with the brand in future.
Mark Frost, CEO, MarkMonitor, said: “Cybercrime is affecting both brands and consumers, and is only set to rise as our use of the Internet increases. As a result, there needs to be a multi-layered approach to online brand protection, to ensure customer trust, reputation and bottom line are maintained. This research demonstrates that consumers are not only aware of the severity of cybercrime and the tactics employed, but also the effects these attacks have on the brands themselves. Yet despite these high levels of awareness, they are still falling victim to cybercrime.”
Source: Info Security
One of the difficulties with gauging the extent of cybercrime is the tendency to under report the incidents.
The study found that one in six users suffered monetary loss. The average loss was more than $1,298.
Also affected was the reputation of the brand. Users lose confidence in the brand when they are compromised. 21% are reluctant to continue to use the brand.
Mobile banking and online retail stores had the highest level of confidence while social media and social media advertising scored the lowest. Data breaches resulted in a loss of confidence in 65% of users while 53% wouldn’t engage with the brand in future.
Mark Frost, CEO, MarkMonitor, said: “Cybercrime is affecting both brands and consumers, and is only set to rise as our use of the Internet increases. As a result, there needs to be a multi-layered approach to online brand protection, to ensure customer trust, reputation and bottom line are maintained. This research demonstrates that consumers are not only aware of the severity of cybercrime and the tactics employed, but also the effects these attacks have on the brands themselves. Yet despite these high levels of awareness, they are still falling victim to cybercrime.”
Source: Info Security
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