Survey: Identity Theft, Stolen Credit Card Information Top Consumer Cybersecurity Concerns

The top cybersecurity concerns for consumers regarding their personal information are identity theft and stolen credit or debit card information, according to a recent survey conducted by core technology provider CSI.

In this year’s survey, 85% of American consumers reported cybersecurity concerns pertaining to their personal confidential data. According to CSI, however, this may reflect a possible shift in consumer perception of cyber risk. In a survey conducted by the firm in 2019, 92% of Americans expressed similar cybersecurity concerns. In addition to measuring current consumer perception, this year’s survey also explores possible reasons for the change.

More than three in four consumers believe their financial institution can protect their personal and payment information from hackers, and 48% said they would leave their institution if it suffered a data breach. The survey found that 60% who identified a big bank as their primary financial institution agreed that a breach would cause them to leave compared to 51% of community bank customers.

The report also found that 30% of Americans said it is OK to use the same password for an online bank account that they use for other accounts, and 40% admitted they don’t know how to protect themselves from cybercrime.