First Data Releases Results of Consumer Cybersecurity Study
October 12 2017 - 7:00AM
Business Wire
Study examines consumer habits across
generations
Data shows that baby boomers demonstrate more
concern and diligence for cybersecurity than millennials
Millennials are more trusting of social media
and less trusting of online banking than older generations
As people around the world grapple with the latest news about
data breaches and cyber threats, First Data (NYSE: FDC), a global
leader in commerce-enabling technology, today announced the results
of its 2017 Consumer Cybersecurity Study. The study examined how
different generations view cybersecurity threats, and found that
baby boomers generally have better cybersecurity habits and are
more concerned about protecting their personal information than
younger generations. The study is based on survey data from
approximately 800 U.S. consumers.
“The results of the survey underline why businesses need to
deploy state-of-the-art solutions to address the risk of cyber
threats,” said EJ Jackson, Senior Vice President, Head of Security
and Fraud Solutions at First Data. “Fraudsters are using
increasingly complex schemes and not all consumers are employing
best practices, but there is technology that can help businesses
and financial institutions mitigate the risk.”
Baby Boomers are Better with Password Protection
The study showed that most Americans are still not overly
concerned with password protection, although baby boomers are more
diligent than millennials. Younger generations may be considered
more tech-savvy than their parents’ generation, but according to
the First Data study, a staggering 82% of millennials reuse
passwords on websites and apps, and 42% will only change their
passwords when forced.
On the other hand, a slightly smaller majority (70%) of baby
boomers reuses passwords on websites and apps, and 32% change their
password only when prompted.
Millennials Trust Social Media more than Online
Banking
The study also looked at how generations think about online
banking. Baby boomers have more trust in financial institutions
than younger generations but less trust in social media sites. Baby
boomers are also less likely to think that their method of online
banking could be breached. One in five (19%) baby boomers thought
it was unlikely there would be an online banking cyberattack
compared to just 14% of millennials. When it comes to social media
security, however, 63% of baby boomers thought social media was
vulnerable to cyberattacks, while only 45% of millennials agreed
with that statement.
In general, baby boomers showed more concern around current
events as well. Only half (49%) of millennials have a heightened
concern about their online security following recent cyberattacks,
in comparison to 65% of baby boomers.
Baby Boomers Leading the Pack for Workplace Cybersecurity
Practices Too
When it comes to the workplace, baby boomers generally exhibited
better habits and understanding about cybersecurity than younger
generations. The study found baby boomers are more likely to not
only have a workplace security policy but also to actually review
and execute on it as well.
Additional highlights around the workplace included:
- 72% of baby boomers hardly ever store
work-related data or files on their personal devices, compared to
69% of millennials.
- 86% of baby boomers hardly ever
download free applications or software to their work devices
without consulting IT, compared to just 75% of millennials.
- 34% of baby boomers always consider
whether their online actions pose a cybersecurity risk for their
workplace, compared to only 21% of millennials.
- 82% of baby boomers think their
employer has provided them with adequate training and resources to
avoid cybersecurity risks at work, compared to 77% of
millennials.
For more information, please visit the Security and Fraud
Solutions section of First Data’s website.
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling
technology, serving approximately six million business locations
and 4,000 financial institutions in more than 100 countries around
the world. The company’s 24,000 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 2,800 transactions per second and $2.2 trillion per
year.
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