CYBER & INTELLIGENCE
Why employing proactive cybersecurity can save consumers and businesses millions of dollars
Securing the digital economy
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04
Plugging vulnerability gaps
03
Pressure to protect
02
Consumer needs and security mindset
01
Threat landscape
Overview
Consumer needs
Vulnerability gaps
Recent years have seen an enormous spike in cybercrime, causing consumers and business leaders to be concerned about rising security threats that expose their personal identifiable information.
Consumer needs & security mindset
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A more interconnected world creates new digital vulnerabilities and increased costs, particularly in North America…
Source: IBM COST OF A DATA BREACH 2022
increase in cybercrime due to the pandemic
Average cost of a data breach in the U.S. ($5 million more than global average)
000
M
%
600
0
.
US
$
2025
T
/YEAR
of organizations’ breaches led to increases in prices passed on to customers
00
Average cost of a data breach in Canada ($1 million more than global average)
2022
United States
Canada
Source
Estimated worldwide cybercrime costs
Consumers are trying to balance security and convenience
Over half of consumers have already experienced some form of digital security issue. As digital needs evolve, they anticipate grappling with new privacy issues, as the types of information and the technology transmitting it become more sophisticated.
As technology becomes more sophisticated, consumers worry about emerging privacy gaps and data breaches
Having my identity stolen from information I share with a retailer
Data breach(es) at companies I shop with
Having my personal data stolen through phishing
59%
53%
50%
Worries in the next five years
Having cryptocurrency account information/funds stolen
Having my genetic information stolen
My biometric data (e.g., fingerprint, facial impression) being sold or misused
39%
41%
WORRIES TODAY
37%
35%
Having crypto-currency account information/funds stolen
42%
36%
U.S.
Having crypto- currency account information/ funds stolen
change passwords for online accounts when prompted by the platform, when hacked, or not at all
Password hygiene takes a backseat as consumers take shortcuts for convenience, increasing the risk of cybercrime
often reuse the same password on most of their accounts
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Consumers make purchasing decisions based on how much they trust a company’s ability to protect their data
of consumers believe companies should spend more to protect consumers’ data
of consumers say if they don’t trust a company to protect their data, they won’t buy from them (no matter how great their products are)
of consumers believe companies should encrypt all consumer data to increase protection
Consumers view technology, government and financial services as the industries most responsible to prevent data breaches
Technology companies
Government
Financial services
55%
61%
LEADER
CONSUMER
Top industries responsible for preventing data breaches according to consumers
Of those who selected financial services:
91%
87%
Banks/issuers
Payment networks
Business leaders are feeling the pressure to protect themselves and their customers
Businesses are a major target for attacks, putting them at risk of financial loss, reputational damage and more. Keeping data safe provides a security guarantee to consumers and businesses alike. Financial institutions can also create security in new financial frontiers; most business leaders and consumers trust financial institutions, like banks and payment networks, to provide secure payments regardless of where the transaction takes place.
We lost customer data
We hired security consultants
We signed up for more employee security training
30%
29%
Cybercrime impacts business leaders more than just professionally
Personal ramifications of data breaches
Business ramifications of data breaches
34%
38%
44%
I lost or strained relationships with customers
I lost or strained relationships with vendors
I was stressed at home / with others
of business leaders who suffered hacking said it impacted them personally & professionally
of leaders whose business is <5 years old say their business has been hacked
Business leaders are opting for initial lines of defense that leave gaps in protection
48%
49%
52%
56%
Cybersecurity insurance
Fraud protection
Antivirus software
Two-factor authentication
Network firewalls
TOP SECURITY SOLUTIONS USED FOR BUSINESS
Phishing solutions
46%
Least leveraged security solutions:
Third-party IT and security team
Vulnerability assessment tools
Top security solutions used for business
LEAST LEVERAGED SECURITY SOLUTIONS
Business leaders view technology, government and financial services as the industries most responsible to prevent data breaches
28%
40%
BUSINESS
Top industries responsible for preventing data breaches according to business leaders
81%
85%
Plugging the vulnerability gaps
In the face of evolving fraud threats, Mastercard aims to provide customers and partners with tools and resources that promote safety, security and peace of mind.
Consumers are looking to financial providers to alleviate security concerns by securing transactions across technologies
64%
67%
71%
76%
Using facial recognition to unlock phone
Using an authentication code that regularly changes to log in (e.g., RSA SecurID)
Smart home security systems reporting suspicious activity
Using a finger to unlock phone
Bank monitoring account activity to alert of possible fraud transactions
Consumers’ biggest security concerns for transactions
58%
of consumers would rather use biometrics than a password to protect their information
of consumers feel comfortable with their bank monitoring account activity to provide possible fraud alerts
77%
79% U.S. 75% Canada
61% U.S. 56% Canada
Business leaders have implemented solutions at certain points in time, but proactive actions would leave them less vulnerable
of business leaders currently have digital security solution(s) implemented at their business/have conducted an active digital security risk assessment
of business leaders have dedicated internal staff that manages security protocol/train employees on security best practices
of business leaders have ongoing vulnerability assessment tools (e.g., RiskRecon®) implemented at their business
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