Consumer Identity-Theft Concerns on the Rise

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In the latest ID theft and Cybersecurity research study conducted by the Benenson Strategy Group and Generali Global Assistance, 76% of respondents expressed concern about ID theft, while 34% stated they’re very concerned. The research findings were published on May 18, based on a survey of 702 adults aged 25 and older. The respondents were more worried about ID theft than about severe illness or injury (74%), car accidents (64%), or home robbery (56%). Nearly half the respondents (49%) think their lives would be seriously impacted if their identity was stolen. They believe this is highly likely, too – one in five respondents consider falling prey to cybercrime or ID theft in the next five years to be 75-100% probable.

 

CEO of Generali Global Assistance, Chris Carnicelli, has stated that what consumers want is a savior, or identity-theft hero, who can give them complete protection before cybercrime happens. They turn to institutions that already earned their trust for advice on privacy data protection, ID theft, and cyber protection services. CEO of Global Identity and Cyber Protection at Generali Global Assistance, Paige Shafer, added that the company expected consumers to be more confident about protecting themselves from ID theft and cybercrime than they were in 2017. Unfortunately, the results of the second study showed that 50% of respondents still lack sufficient education to handle ID theft and cybercrime threats, same as they did in 2017.

 

An overwhelming majority (84%) of respondents consider themselves incapable of handling all relevant aspects of cybersecurity and ID-theft protection alone. Just above three-quarters (76%) expect they would need assistance from a qualified expert. 90% claimed that there’s a possibility they’ll become victims of ID theft and cybercrime. 80% were afraid of various methods that can endanger their identity info, with 63% of surveyed adults said they wouldn’t know what to do if this happens. The number of people who seek to protect their sensitive data using cloud backup services is also increasing.

 

To help allay their concerns, 60% of respondents plan on buying ID-theft protection software in the next two years, and 54% would turn to cybercrime protection software. In the spirit of using companies they already trust, 77% of respondents would consult with their credit-monitoring or ID-theft protection company. 64% of surveyed members would get the ID-theft and cybercrime protection services from insurance companies, 63% from credit unions or banks, 61% from credit card companies, and 58% as a part of a computer software bundle.


Julia A. is a writer at SmallBizGenius.net. With experience in both finance and marketing industries, she enjoys staying up to date with the current economic affairs and writing opinion pieces on the state of small businesses in America. As an avid reader, she spends most of her time poring over history books, fantasy novels, and old classics. Tech, finance, and marketing are her passions, and she’s a frequent contributor at various small business blogs.