Press Release

 

45 Percent of Consumers Have Been a Victim of Cybercrime

One in six consumers globally lost money with 20 percent of victims losing more than $1,298

San Francisco, CA: October 27, 2016 - New research from MarkMonitor®, the world leader in enterprise brand protection, reveals that 45 percent of consumers have been a victim of some form of cybercrime — with 65 percent choosing not to report the incident to authorities. The research also found that one in six of these consumers have lost funds due to online fraud, with 20 percent losing in excess of $1,298.

Of the cybercrimes carried out, false requests to reset social media account passwords was the most common fraud — experienced by 20 percent of the subsample, closely followed by emails impersonating legitimate companies attempting to solicit personal information (17 percent).

The research highlighted that victims of cybercrime were fearful of using online services in the future. In addition 21 percent of the victims experienced dissatisfaction with the brand involved. This impact on brand reputation was reflected in the fact that when asked about recent high-profile cyberattacks, 71 percent of consumers said they believed these events damaged an organization’s reputation, 65 percent said they thought it decreased trust in the brand, while a further 53 percent stated people wouldn’t engage with the brand in future. The findings highlight the importance of organizations having a comprehensive brand protection strategy in place.

Conducted by Opinium, a leading market research company, the research surveyed 3,457 consumers across the U.K., U.S., Germany, France, Italy, Denmark, Spain, Sweden and the Netherlands to gauge perceptions, attitudes and experiences regarding online fraud, security and cybercrime.

The research found that consumer confidence in transacting online is highest when it comes to established channels, such as mobile banking apps and online shopping websites that were rated as being 52 percent and 50 percent trustworthy, respectively. Social media channels (16 percent) and social media advertising (14 percent) scored lowest with consumers highlighting a high level of scepticism that these channels fail to keep the personal information of consumers safe.

The research also revealed that there is a high level of awareness amongst consumers (87 percent) of the dangers of transacting online and the tactics used by cybercriminals leading them to use a number of precautions when online. Limiting the entry of personal details to the websites of familiar brands was the most common answer (54 percent), followed by checking for https or the padlock symbol in the Web address bar (50 percent). Despite this knowledge, the research also uncovered that there were areas, such as the Dark Web that consumers didn’t fully understand, with 37 percent saying they didn’t know what the Dark Web was used for.

“Cybercrime is affecting both brands and consumers, and is only set to rise as our use of the Internet increases. As a result there needs to be a multi-layered approach to online brand protection, to ensure customer trust, reputation and bottom line are maintained,” says Mark Frost, CEO, MarkMonitor. “This research demonstrates that consumers are not only aware of the severity of cybercrime and the tactics employed, but also the effects these attacks have on the brands themselves. Yet despite these high levels of awareness, they are still falling victim to cybercrime.

“As the sophistication of cyber attackers rises and criminals make more use of underground sites, such as those found on the Dark Web, it is critical that brands look at every method of protection and consider all threat vectors in order to ensure they can protect every aspect of their business and keep their customers safe."

The research was carried out online in August and September 2016.

The full research report can be found here.

Contact:

Holly Rees
The Whiteoaks Consultancy
+44 (0)1252 727313 (office)
hollyr@whiteoaks.co.uk

 

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ABOUT MARKMONITOR

MarkMonitor, the leading enterprise brand protection solution and a Clarivate Analytics flagship brand, provides advanced technology and expertise that protects the revenues and reputations of the world's leading brands. In the digital world, brands face new risks due to the Web's anonymity, global reach and shifting consumption patterns for digital content, goods and services. Customers choose MarkMonitor for its unique combination of advanced technology, comprehensive protection and extensive industry relationships to address their brand infringement risks and preserve their marketing investments, revenues and customer trust. For more information, visit www.markmonitor.com.

ABOUT CLARIVATE ANALYTICS

Clarivate Analytics accelerates the pace of innovation by providing trusted insights and analytics to customers around the world, enabling them to discover, protect and commercialize new ideas faster. Formerly the Intellectual Property and Science business of Thomson Reuters, we own and operate a collection of leading subscription-based services focused on scientific and academic research, patent analytics and regulatory standards, pharmaceutical and biotech intelligence, trademark protection, domain names, brand protection and intellectual property management. Clarivate Analytics is now an independent company with over 4,000 employees, operating in more than 100 countries and owns well-known brands that include Web of Science, Cortellis, Thomson Innovation, Derwent World Patents Index, CompuMark, MarkMonitor and Techstreet, among others. For more information, visit clarivate.com.

Contact:

Zeno Group
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markmonitor@zenogroup.com

Ashley Dolezal
Zeno Group for MarkMonitor
650-801-0931 (office)
650-218-2582 (mobile)
ashley.dolezal@zenogroup.com

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