Indians Top Concern in Cybersecurity: Identity Theft in Finance

In today’s digital world, identity theft has emerged as a significant concern for individuals and organizations alike. According to the latest Unisys Security Index report, Indians are the most worried about this issue [1], with 77% listing it as a major concern.

Key Findings from Unisys Security Index Report

The Unisys Security Index is based on a global survey conducted in the first quarter of 2020. The report polled over 5,500 adults, including 300 from India, to gauge their attitudes towards cybersecurity threats.

• Financial security, personal security, and national security were identified as key concerns by respondents.
• Identity theft was a primary concern for 69% of Americans and 67% of Australians as well.

Prevalence and Impact of Identity Theft

Identity theft can result in significant losses, both for individuals and organizations. In the financial sector, it can lead to large-scale financial fraud. Yet, many people are not taking adequate preventative measures. For instance, 61% of those surveyed in India had not changed their passwords or PIN numbers in the past year [3].

Identity Theft in the Workplace

The sudden shift to remote work arrangements due to the pandemic has resulted in an increased risk of cyber threats, including identity theft. According to IBM Security and the Ponemon Institute, the average total cost of a data breach is approximately USD 3.86 million now [6].

Measuring Up Against Advanced Security Measures

Financial institutions are investing in advanced security measures like machine learning algorithms and artificial intelligence to detect identity theft attempts. Nevertheless, individuals should take responsibility for their online security as well.

Best Practices to Protect Your Digital Identity

Experts recommend the following best practices to protect your digital identity:

1. Frequently change your passwords
2. Use strong and unique passwords
3. Enable multi-factor authentication
4. Avoid sharing sensitive information over email or phone
5. Regularly monitor your bank and credit card statements.

By following these simple yet effective steps, we can significantly reduce the risk of identity theft and cyber attacks.

[1] Unisys: India – Identity Theft is the Biggest Cybersecurity Fear (https://www.moneycontrol.com/news/business/markets/identity-theft-is-indians-biggest-cybersecurity-fear-report-7868231.html) [2] ‘Indians most concerned about identity theft’ (https://www.business-standard.com/article/technology/indians-most-concerned-about-identity-theft-report-119070100444_1.html) [3] Unisys 2020 Security Index report (https://www.unisys.com/us/en/globalresources/thought-leadership/UnisysSecurityIndex/2020/Pages/default.aspx) [4] Unisys: Identity Theft and Fraud Top Concerns for Consumers Amidst Global Pandemic (https://www.businesswire.com/news/home/20200520005297/en/) [5] Working from home raises cybersecurity risks, Indian companies need to keep up (https://www.moneycontrol.com/news/business/cybersecurity/working-from-home-raises-cybersecurity-risks-indian-companies-need-to-keep-up-119011244849_1.html) [6] The Global Cost of a Data Breach: 2020 Report (https://www.ibm.com/security/data-breach) [7] 7 Ways to Protect Your Digital Identity (https://www.forbes.com/sites/forbestechcouncil/2020/07/28/7-ways-to-protect-your-digital-identity/?sh=464a4c557d5a) [8] 9 Important Security Practices You Need to Follow in 2020 (https://www.cnet.com/tech/security/9-cybersecurity-practices-you-need-to-follow-in-2020/)