The Real Cost Of Cyber Breaches

The CPA association (AICPA)  in their Chartered Accountants Magazine (GGMA.Org) wrote about a survey that they did regarding consumer’s spending habits (see article).  Below is a summary of the survey results:

• 25% of Americans said they were victims of cyber attacks this year, up from 11% last year.
• 86% of Americans are concerned about whether businesses are adequately safeguarding their personal information and financial data.  51% say they are extremely or very concerned, up from 39% last year.
• 82% say their cyber security fears have changed their shopping and Internet habits, up from 69% last year.  56% said they used cash or checks more often;  40% said they reduced their online presence by visiting fewer sites or turning off social media accounts.
• Millennials were least likely to be victimized and least like to scale back their online presence.  Still 42% said they were extremely or very concerned that businesses were not up to the task.
• 20% said an attack had lowered their credit score, while 26% said their credit score prevented them from doing something such as getting credit.

If people are more scared, spend less, visit less sites and blame the Internet for them not being able to get credit, this cannot be good for business.

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