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Monday, 16 July 2018

Tech-savvy everyday consumers still falling victim to cybercrime

Hackers have stolen some US$172 billion from 978 million consumers in 20 countries in the past year, according to the Norton by Symantec 2017 Norton Cyber Security Insights Report* (NCSIR). 

Source: Norton by Symantec.  Chen.
Source: Norton by Symantec.
Chen.

The effects of cyber crime can extend beyond pure monetary impact as Singapore actor Edmund Chen can attest.

“Recently, I unwittingly shared my account password with a stranger who claimed to know personal details about me and my family, and chaos ensued,” said actor Chen, who joined Norton by Symantec at an event to present the results of the NCSIR and discuss his experiences. 

“My friends started receiving emails from ‘me’ stating that I was in trouble overseas and requesting money. It was shocking to see the interconnectivity between our online information and daily activities and how it makes us vulnerable to cybercrime. Cybercrime is not a generation-specific issue. It is real and can target you at any point of your life.”

The 2017 NCSIR discovered that cybercrime victims globally are everyday consumers who use multiple devices, and have a blind spot when it comes to cybersecurity basics. This group tends to use the same password across multiple accounts or share it with others.

In Singapore, one in two surveyed were victims of cyber crime, of which 60% experienced cybercrime in the past 12 months. Other highlights from the 2017 NCSIR on Singaporeans’ online behaviour include: 

• On average, a Singaporean consumer spent 14.6 hours dealing with the aftermath of a cyber event with the most time spent in the past 12 months on: 

o Making a purchase online that turned out to be a scam (76.3 hours) 

o Credit or debit card fraud (44.4 hours) 

o A device infected by a virus or other security threat (27 hours) 

• More than half (56%) have been able to determine an email they received was spam primarily because it included a link or attachment which seemed suspicious 

• Eight in 10 (82%) believe law enforcement and Internet companies should ramp up cybersecurity measures 

• Consumers believe that teenagers, online gamers and those who are heavy users of social media are most likely to become a victim of cybercrime 

• More than half (56%) of surveyed consumers believe that it is more important than ever to know how to protect their privacy; but 32% don’t think it’s worth worrying too much about online threats that they read or hear about

“Consumers’ online behaviour reveal a dangerous disconnect. Despite a steady stream of cybercrime sprees reported by media, too many people appear to feel invincible and skip taking even basic precautions to protect themselves,” said Gavin Lowth, VP, Asia Pacific and Japan, Norton by Symantec. 

“This disconnect highlights the need for consumer digital safety and the urgency for consumers to get back to basics when it comes to doing their part to prevent cyber crime.”

Surveyed consumers used device protection technologies to identify themselves. The clear winner was fingerprint IDs for authentication (49%); 15% use two-factor authentication and 14% rely on pattern matching. In 4th place, 13% use a personal virtual private network (VPN), 7% are using facial recognition and 4% rely on voice IDs. Consumers who adopted these technologies still practiced poor password hygiene however, and still fall victim to cybercrime. 

• Consumers display minimal password management measures and are more exposed to attacks as they protect newer and more devices. Twenty percent of Singaporeans surveyed admitted to using same password across all their accounts and only 3% of them retain the default password that was assigned.

• Despite experiencing a cyber crime within the past year, 49% shared their passwords for at least one device or account with others, negating security efforts. Additionally, 27% of Singaporeans write their passwords down on a piece of paper and 22% are likely to use different passwords and save their password to a file on their computer/smartphone. 

The study also revealed that 81% of Singaporean consumers surveyed believe cyber crime should be treated as a criminal act, and 37% think it is just a fact of life that has to be accepted. However, when pressed, contradictions emerged, revealing that 23% believe stealing information online was not as bad as stealing property in ‘real life.’

When presented with examples of cybercrime, 40% of consumers believed it’s sometimes acceptable to commit morally-questionable online behaviours in certain instances, such as reading someone’s emails (26%), using a false email or someone else's email to identify themselves online (18%) and even accessing someone’s financial accounts without their permission (13%).

Norton by Symantec found that Singaporeans generally continue to trust the traditional institutions that manage their data and personal information. Consumers gained or maintained trust in organisations such as banks and financial institutions (20%), and identity theft protection service providers (15%) despite the attacks that made headlines this year. However, 23% of consumers do not believe that social media platforms will manage their data and personal information securely.

The 2017 NCSIR also shed light on parents’ worries about their childrens’ online activities and the preventative measures they are putting in place to protect them. Cyberbullying remains a top concern, with 86% of parents worried it will happen to their child.

“My daughter was cyberbullied by some close friends in secondary school,” said Chen. “As a parent, I was saddened and shocked that this had occurred. During that period, my daughter refused to go to school and even became sceptical of relationships.”

Parents have several concerns their childrens’ online activities, including: 

• That their child will unknowingly download malware or a virus (94%)

• That their child shares too much personal information to strangers (91%)

• That their child will be lured into illegal activities such as hacking (88%)

• That their child will engage in online activities that will impact the whole family (85%)

Preventative measures parents are taking include:

• Checking their child’s browser history (39%)

• Only allowing Internet use with parental supervision (37%)

• Limiting access to specific websites and apps (36%)

Source: Norton by Symantec. Infographic based on the NCSIR 2017. Half of all Singaporeans have encountered cybercrime.
Source: Norton by Symantec. Infographic based on the NCSIR 2017. Half of all Singaporeans have encountered cybercrime.

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*The Norton Cyber Security Insights Report is an online survey of 21,549 individuals ages 18+ across 20 markets, commissioned by Norton by Symantec and produced by research firm Reputation Leaders. The margin of error for the total sample is +/-.7%. The Singapore sample reflects input from 1,037 adults ages 18+. The margin of error is +/- 3.0% for the total Singapore sample. Data was collected October 5 – October 24, 2017 by Reputation Leaders.

The definition of cybercrime continues to evolve as avenues open up that allow cyber criminals to target consumers in new ways. Each year, the company evaluates current cyber crime trends and update the report’s methodology as needed, to ensure the Norton Cyber Security Insights Report provides an accurate snapshot of the impact of cyber crime as it stands today. In the 2017 Norton Cyber Security Insights Report, a cybercrime is defined as, but not limited to, a number of specific actions, including identity theft, credit card fraud or having your account password compromised. For the purposes of this report, a cyber crime victim is a survey respondent who confirmed one or more of these incidents took place.

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