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78% Indians most concerned about their financial data: Report

Hemani Sheth Mumbai | Updated on January 27, 2021

With the increase in activities online, consumers are potentially exposed to more cyber threats

There is a rising concern among Indians regarding their financial data being stolen, according to McAfee Corp’s 2021 Consumer Security Mindset Report.

According to the report, 78 per cent of Indian respondents admitted to being most concerned about their financial data, such as credit card or banking details, being stolen.

While 74 per cent of respondents were concerned about their personal information, such as birthday or address getting hacked.

“Indian consumers have shown an increased online footprint, with activities like online banking (68 per cent), financial planning (55 per cent), and personal shopping (63 per cent) at the top of the list,” the report said.

“With the increase in activities online, consumers are potentially exposed to more cyber threats,” it said.

Risk and security

When asked about their perception of risk and security in terms of online activities, 58 per cent of respondents said that they felt secure while performing online activities.

“While people feel most secure ordering food online (63 per cent), their perception is the opposite when it comes to online dating, where close to half (42 per cent) feel less secure,” the report said.

“Consumers are also becoming more comfortable with sharing information online which is a big risk – especially as services often ask for multiple contact points,” the report said.

“Indian respondents have been found to favour convenience over security - as 95 per cent have started using features designed for convenience in 2020, such as text and email notifications (67 per cent), opting to stay logged in/remember user credentials (39 per cent), and store and auto populate credit card details for faster checkouts (36 per cent),” it said.

Children under the age of 18 were conducting online activities in 51 per cent of the households, while in 28 per cent households, children were under the age of 12.

Overall, 3 out of 4 people in India (74 per cent) said that they are concerned about today’s cyber risks. While 20 per cent of respondents said that they are not confident in their ability to prevent a cyberattack.

“The first step in protecting ourselves is realizing that there’s a lot we can do to stay safe online and to preserve our digital wellness,” said Terry Hicks, EVP of McAfee’s Consumer Business.

“It’s better to prevent a problem than be in a position of having to fix it. We can always work on our own safe online habits – from the apps we install, to the websites we click on, to the emails we open. Making this shift in our mindset and behaviours is a necessity in protecting what we value most - our privacy and identity - giving us all much needed peace of mind,” added Hicks.

Published on January 27, 2021

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