According to a study conducted by Symantec, Indian consumers affected by cyber-crime lost on average 29.6 hours compared to an average of 21 hours across the 17 countries surveyed. Despite the concern and awareness towards cyber-crime, consumers are overconfident of their online security behaviours.
Of those using passwords, less than half (41%) always use a secure password – a combination of at least eight letters, numbers and symbols. Worryingly, over one in three do not have a password on their smartphone or desktop, the study noted.
People also share passwords to online sensitive accounts with friends and family. Of those sharing passwords, more than one in three share the password to their banking account, and on an average they share passwords for two accounts, with the most common passwords shared being e-mail (60%), and social media (54%).
Baby Boomers, a group often considered less tech savvy, report more secure online habits than Millennials. While Millennials, born in the digital era, often throw caution to the wind with 31% admitting to sharing passwords and other risky online behaviour.
While 4 in 10 Millennials believe that they are not a target of online crime, it was found that more than seven in 10 Millennials in India have ever experienced a form of cyber-crime, with every second Millennial (54%) experiencing it in the last 12 months alone.
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