First Data Releases Cybersecurity Study on Personally Identifiable Information (PII)
October 17 2018 - 6:45AM
Business Wire
Study explores the attitudes and actions of
different generations towards personal information protection
26% of consumers reported having PII
information compromised within the last month; 34% within the last
year
More than half of respondents who have
performed a dark web scan found their personal information
available on the dark web, including 90% of those ages 24-34
As data breaches continue to make headlines across the globe,
consumers are putting more thought into the personal information
they make available, and businesses are fighting to keep consumer
data secure. Today, First Data (NYSE: FDC), a global leader in
commerce-enabling technology, announces the results of its 2018
Consumer Cybersecurity Study. The study explores the attitudes and
actions of today’s consumers towards securing their Personally
Identifiable Information (PII), and identifies trends that can give
financial institutions, retailers, service providers and
individuals themselves an extra edge in the battle for personal
data.
The study is based on survey data from 1,767 U.S. consumers and
aggregates responses across four unique age groups: Linksters (ages
18-23), Socializers (24-34), the MTV Generation (35-54), and
Maturists (55+).
“The results of the survey show that consumers lack awareness as
to how much of their PII is on the dark web, and have little trust
in businesses’ abilities to keep their data safe,” said EJ Jackson,
Head of Security and Fraud Solutions, First Data. “Advances in
technology are opening new opportunities for fraudsters to obtain
PII, and businesses must proactively respond by implementing
technology solutions that keep consumer data safe and secure.”
Which Businesses do Consumers Trust? A Wide Gap in Consumer
Opinions
The majority of consumers believe that fraud is inevitable
within any industry. However, all generations tend to put more
trust in regulated, records-driven businesses. Retailers and
service providers who offer more convenient, quick-swipe payment
channels, are not nearly as trusted.
Among the most trusted business types by consumers are Financial
Services (46%), Healthcare (39%), and Insurance (30%) companies;
the least trusted groups include Retail (8%), Foodservice/QSR (8%)
and Petroleum (4%) businesses.
Consumers also reported similar differences in which industries
they felt were best prepared to navigate the challenges of a data
breach. Among the most prepared, consumers feel Financial
Institutions (50%), Government (41%), and Healthcare (30%) business
are best prepared. Conversely, consumer confidence was lowest among
Petroleum (6%), Foodservice/QSR (6%) and Retail (11%).
Are Social Platforms a Haven for Identity Thieves?
With social platforms at the center of several recent and
prominent data exposures, consumers are expressing caution around
an emerging source of online risk. Nearly one in five (18%) of U.S.
consumers say they’ve had a social media account hacked, and recent
exposures are causing more users to delete accounts or change
passwords.
- Linksters, Maturists and the MTV
Generation saw using social media channels as exposing more risk to
their PII than activities such as online shopping, banking, or bill
pay.
- More than half of Linksters,
Socializers and Maturists said they would be extremely or very
likely to delete a personal social media account if that platform
became connected with a data breach.
PII – More Available Than You Think
Consumer information is more readily accessible than many
consumers may think. Among individuals who have performed a dark
web scan, more than half in each generation said that at least some
of their information appeared on the dark web. Socializers (90%)
and Linksters (89%) were the most likely to find their PII on the
dark web, but even Maturists (58%) found their personal information
exposed more often than not.
Despite those results, the majority of consumers have yet to
search the dark web to explore if their most critical data is
available. Just 12% of Maturists had ever conducted a scan,
Linksters (35%) and Socializers (33%) were most likely to have a
conducted a scan for their own PII.
Is Ignorance Bliss? Consumers Believe PII is Safe Unless told
Otherwise
Nearly one-fourth of consumers within each generation assume
their personal information is safe unless notified of a breach. But
the threat is real, and consumer data in the wrong hands may lead
to many types of identity theft, including the most harmful result
of a PII breach – Account Takeover fraud.
- 26% of consumers reported having had
PII information compromised within the last month
- 34% experienced a compromise within the
last year
Additional highlights of the study included:
- 64% of consumers were worried most
about having Social Security Numbers compromised, followed by
Account Information (41%) and Login Passwords (34%)
- 45% of consumers expect a retailer,
provider or financial institution experiencing a data breach to
notify them within one hour of discovery
- 43% of consumers say they would still
shop at a potential affected retailer, but only use cash; 11% said
they would stop shopping at a retailer who experienced a
breach
- Despite a rapid increase in their use,
consumers are skeptical about mobile payment platforms and their
ability to safeguard PII
For a full version of First Data’s Cybersecurity Study on
Personally Identifiable Information (PII) please visit
www.firstdata.com/cybersecuritymonth.
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling
technology and solutions, serving approximately six million
business locations and 4,000 financial institutions in more than
100 countries around the world. The Company’s 22,000
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 3,000 transactions per second and
$2.4 trillion per year. For more information, visit
www.firstdata.com and follow us on Twitter at @FirstData.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181017005273/en/
Andrea DuffyFirst DataPhone: +1 646 984
0240Email: andrea.duffy@firstdata.com
First Data (NYSE:FDC)
Historical Stock Chart
From Mar 2024 to Apr 2024
First Data (NYSE:FDC)
Historical Stock Chart
From Apr 2023 to Apr 2024