Market Insights – Eight Out of Ten Singapore Consumers Surveyed Believe They Will Experience Online Crime

Norton Cybersecurity Insights Report finds
consumers believe it is more likely their credit card information will be stolen while shopping online than from their wallets

Singapore – November 2015 – Norton by Symantec (NASDAQ: SYMC), released its findings from the Norton Cybersecurity Insights Report, which sheds light on the truths of online crime and the personal effect it has on consumers.

The report found that globally, 62 percent of consumers believed it’s more likely their credit card information will be stolen online compared to only 38 percent who think it’s more likely they will lose credit card information from their wallets. Additionally, 47 percent reported they have been affected by cybercrime. In Singapore:

  • Approximately seven in 10 (69 percent) Singaporeans believe using public Wi-Fi is riskier than using a public restroom
  • Seven in 10 (70 percent) consumers think that storing their credit card and banking information in the cloud is riskier than not wearing a seatbelt
  • More than seven in 10 (71 percent) consumers believe getting their credit information stolen after shopping online is more likely than having their credit card stolen out of their wallet
Gavin Lowth, VP Norton Consumer & Small Business AP & Japan – Source Instagram user @weewu

“Consumer confidence was rocked in 2014 by an unprecedented number of mega breaches that exposed the identities of millions of people who were simply making routine purchases from wellknown retailers,” said Gavin Lowth, Vice President, Norton Consumer and Small Business, Asia Pacific and Japan. “Our findings demonstrate the headlines rattled people’s trust in online activity, but the threat of cybercrime hasn’t led to widespread adoption of simple protection measures people should take to safeguard their information online.”

Who tops the list of those most aware of online security practices in Singapore? Baby Boomers – a group often considered less tech savvy – report more secure online habits than Millennials. While Millennials, born in the digital era, often throw caution to the wind with 33 percent admitting to sharing passwords and other risky online behavior.

Consumers Get Frustrated With Cybercrime

Across the 17 countries surveyed, Singapore consumers lost an average of 20 hours over the past year dealing with the fallout of online crime and nearly SGD545 per person – totaling roughly SGD5.49B. On top of this loss, cybercrime takes a true emotional toll with 6 in 10 (61 percent) of consumer cybercrime victims in Singapore feeling frustrated after becoming a victim. Further, in Singapore:

  • More than eight in 10 (82 percent) of respondents said they’d feel devastated if their personal financial information was compromised
  • About seven in 10 (74 percent) respondents believe dealing with the consequences of a stolen identity is more stressful than preparing for a presentation at work (52 percent)
  • Nearly seven out of 10 (68 percent) respondents are more stressed when they realize that they have downloaded a virus than sitting next to a screaming baby on a plane (51 percent)
John Bai, Director Security Response Asia, Symantec – Source: Instagram user @weewu

Overconfident, But Underprepared

Despite concern and awareness of cybercrime, consumers are overconfident in their online security behaviors. When asked to grade their security practices, they consistently award themselves a solid “A.” But in reality, most are not passing the most basic requirement of online security: password use. In the Singapore:

  • Of those using passwords, only 3 in 10 (29 percent) respondents always use a secure password – a combination of at least eight letters, numbers and symbols. Worryingly, nearly one in four do not have a password on any device.
  • People are sharing passwords to online sensitive accounts with friends and family. Of those sharing passwords, almost one in four (23 percent) share the password to their banking account, and on average they are sharing passwords for two accounts, with the most common passwords shared being email (59 percent), social media (44 percent) and TV/media (16 percent).
  • Ironically, 80 percent believe it is riskier to share their email password with a friend than lend them their car (20 percent), yet half of those sharing passwords do just that.

Norton Top Tips to Stay Safe Online:

  • Choose a unique, smart, secure password for each account you have online. For tips on how to do this, click here.
  • Delete emails from senders you don’t know, and don’t click on attachments or links on suspicious-looking emails.
  • On social media sites if an offer sounds too good to be true, it just might be. Beware of the pitfalls of clicking on links from social media sites. Before clicking, hover the mouse over the link to see its destination. Only click on links that lead to reputable, official company pages.
  • Always monitor your financial accounts for unusual activity. If there is a charge that you didn’t make, report it immediately. Often cybercriminals will charge a small “test” amount before attempting to drain your bank account.
  • Don’t put off installing security software such as Norton Security and updating it regularly.
  • Use a secure backup solution to protect files and backup regularly so criminals can’t hold them for ransom.
  • Report cybercrime to the cyber cell or local police if you have been affected by cybercrime or identity theft.

To learn more about the real impact of cybercrime and how consumers can protect their digital information, go here
for more information.

About the Norton Cybersecurity Insights Report

The Norton Cybersecurity Insights Report is an online survey of 17,125 device users ages 18+ across 17 markets, commissioned by Norton by Symantec and produced by research firm Edelman Berland. The margin of error for the total sample is +/-0.75%. The Singapore sample reflects input from 1,009 Singapore device users ages 18+. The margin of error is +/- 3.09% for the total Singapore sample. Data was collected Aug. 25-Sept. 18, 2015 by Edelman Berland.

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