Canadian Underwriter

Individuals mostly unprepared for cyber risks: Chubb

September 27, 2018   by Staff

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Photo copyright: new survey from Chubb finds that, while 80% of people are concerned about cyber incidents, most underestimate or are unaware of common cyber threats.

Only 12% were concerned about using public WiFi, despite it being a common entry point for cyber criminals, and just 4% were concerned about their smart-home devices being a vulnerability.

“In this day and age, anyone is susceptible to falling victim of a cyberattack,” said Fran O’Brien, division president of Chubb North America Personal Risk Services. “Given what’s at stake, individuals should be taking every precaution they can to mitigate risk.”

Chubb found that 60% of respondents were concerned about their social security numbers being compromised, and 30% were concerned about their medical records. Eighty percent were worried about their bank accounts being compromised, even though most financial institutions will reimburse customers who experience a loss.

Respondents struggled to identify specific cyber risks. For example, 50% did not know the definition of ransomware, and 19% had never even heard of it.

Online passwords were also a concern: only 30% said they regularly change their passwords, while 67% said they “always” or “often” use the same password for multiple accounts. Furthermore, 54% have shared their passwords with someone else, and 41% do not protect their home WiFi networks with a password.

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This story was originally published by Canadian Insurance Top Broker.

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