77% of US consumers willing to change banks for better protection policy
Fact recorded on: January 21, 2007. Categories: Security.
77% are willing to change banks for better protection of their money. This represents a 50% increase in willingness to switch banks, as compared to a 2005 Unisys study on identity fraud and bank security issues. Certain banks and online retailers stand to lose a large portion of the $32 bln in online shopping this holiday season, revenue that is up 18% from 2005, according to JupiterResearch. Banks and retailers can expect consumer fears to continue, as 63% of survey respondents believe credit card fraud and ID theft will become an even bigger security threat in the future. This majority of consumers place much of the blame on the organizations and the government entities responsible for regulating them, claiming they are not doing enough to protect and secure their personal information. Despite this huge increase in consumers willing to consider taking action and switch banks for more security, only a minority of consumers will pay for protection. Only 10% were willing to pay for these services, compared to 40% of consumers who were willing to pay additional bank fees for greater security in a similar study Unisys conducted 2005.
Latest Security facts
- 7.5% of Americans victims of financial fraud in 2008
- 42% of organizations reported unauthorized access to their Active Directory
- Top concerns regarding cloud computing services
- UK cybercrime up 9% in 2007
- US managed security services market grew 19.6% in 2007
- 21% of CIOs expect their security budgets to increase
- US online households pay 11 bills a month online
- 74% of all e-mail in Q2 2008 was spam
- Virtualization growth rising from 46% in 2007 to 54% in 2008
- Total spending in network services to reach $9.1 bln in 2012 in Asia
- $8.5 bln lost to viruses and spyware in 2006-2007
- Australian identity and access management market generated $89.4 mln in 2007
- 32% of North American SMBs have been hit by cybercrime numerous times
- Total spending in network services will grow to $9.1 bln in 2012
- Malware rates up 278% in the first half of 2008
- 51% of Americans write down their online passwords
- 45% of US employers monitor employee computer usage and keystrokes
- 66% of US employees write down passwords in unsafe places
- 55% of online shoppers think about payment methods when checking out
- Top malware countries: Russia, China, US, Brazil, UK
- Low-income Americans more worried about online credit card security than high-income
- 63% of Americans use roughly the same password for different online accounts
- 5.49 mln unique samples of malicious software in 2007
- 50% of companies block some of Web 2.0 services
- 57% of Americans still very concerned with credit card safety online
- UK SMB spending on managed security reached $42 mln in 2007
- IM attacks: 45% on MSN Messenger, 20% on Yahoo! IM, 19% on AIM
- $3.2 bln lost to phishing in 2007
- Chinese video surveillance market to reach $484.3 mln in 2013
- 9% of kids harassed online in 2005
- Vehicle tracking systems to generate $86 mln in China in 2007
- 90% of security attacks can be avoided without increase in security spending
- Remote household monitoring to grow at 25% a year
- Security software spending in Europe to reach $3.3 bln in 2007
- CCTV surveillance market to grow 12.4%
- Security software market to generate $13.5 bln in 2011
- Malware damages down to $13.3 bln in 2006
- 40% of IT execs do not monitor databases for suspicious activity
- Security appliance market to generate $5.5 bln by 2011
- 60 mln consumer electronics devices to ship with hardware security by 2013
- IT security spending by small businesses to reach $1.7 bln in 2007
- 60% of large European companies do not adequately use encryption
- Young salespeople the worst IT security offenders
- Security market up 7.2% in 2006
- UK SMBs to spend $2.2 bln on data storage and security
- $28.5 bln will be spent on homeland security in 2007-2011
- Video surveillance to generate $1 bln in 2010 in the US
- $9.1 bln will be spent on IT systems defense tools in 2007
- 77% of US consumers willing to change banks for better protection policy
- 40% of US consumers confident medical organizations can provide adequate security for healthcare records