113 million Indians lost an average of Rs 16000 due to cybercrime, says Norton report

Norton by Symantec today released its India findings from the Norton Cybersecurity Insights Report, which sheds light on the truths of online crime and the personal effect it has on consumers.

The report found that 60 percent of people worry about experiencing cybercrime. Interestingly, 54 percent of Indians believe it’s more likely their credit card information will be stolen online than from their wallet and one in two (52 percent) Indians have either personally experienced credit card fraud or know someone who has.

Further:

·  Two in three Indian (66 percent) consumers believe using public Wi-Fi is riskier than using a public restroom.
Eight in 10 (80 percent) say that it is riskier to share their email password with a friend than their car for a day.
·  Close to two in three (64 percent) think storing their credit card and banking information in the cloud is riskier than not wearing a seatbelt.

“Our findings reveal that consumer reservations are indeed grounded in reality. In the past year, 48 percent of India’s online population or approximately 113 million Indians were affected by online crime,” said Ritesh Chopra, Country Manager, India, Norton by Symantec.

“Despite the threat of cybercrime in India, it hasn’t led to widespread adoption of simple protection measures to safeguard information online, with almost one in four Indians sharing passwords as a common practice,” he said.

Millennial Indians More Reckless In Their Online Behavior
Who tops the list of those most aware of online security practices in India? Baby Boomers<1> a group often considered less tech savvy – report more secure online habits than Millennials. While Millennials<2>, born in the digital era, often throw caution to the wind with 31 percent admitting to sharing passwords and other risky online behavior. “Even though Millennials have been immersed in online technology most of their lives, they are more reckless in many ways with only one in four believing they have most responsibility when an online crime occurs,” Chopra added.

Further:
·         Four in 10 Millennials believe that they aren’t “interesting enough” to be a target of online crime.
·         In reality however, more than seven in 10 Millennials in India have ever experienced a form of cybercrime; with every second Millennial (54 percent) experiencing it in the last 12 months alone.
·         Yet, when it comes to identity theft, only half the Millennials agree that it is more likely than ever before.
·         At 32 percent, twice as many Indians (driven mostly by Millennials) report personally having their mobile device stolen compared to the global average of 15 percent.

Consumers Frustrated with Cybercrime
Indian consumers affected by cybercrime lost on average 29.6 hours compared to an average of 21 hours across the 17 countries surveyed. On the other hand, an Indian lost an average of INR 16,558 compared to the global average of INR 23,878 (USD 358). On top of this loss, cybercrime takes a true emotional toll with nearly half of consumers experiencing cybercrime in India feeling furious after being affected by cybercrime. Further:
·         Close to eight in 10 respondents said they’d feel devastated if their personal financial information was compromised.
·         Ascertaining the high emotional quotient of Indians, more than one in three Indians (36 percent) feel sad after being affected by online crime, as compared to less than one in five (19 percent) globally.
·         Two in three (67 percent) consumers find dealing with consequences of a stolen identity more stressful than everyday inconveniences like preparing for presentation at work (45 percent) or sitting next to a screaming baby on a plane (50 percent).

·         Less than half (40 percent) are confident they know what to do if they experienced online crime.

Overconfident, But Underprepared
Despite the concern and awareness towards cybercrime, and only one in three Indians feeling complete control of their online security, consumers are overconfident of their online security behaviors. When asked to grade their security practices, they consistently award themselves a solid “A”.

But in reality, most are not passing the most basic requirement of online security: password use.
·   Of those using passwords, less than half (41 percent) 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.
·  People are sharing 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 are sharing passwords for two accounts, with the most common passwords shared being email (60 percent), and social media (54 percent).