The Cybersecurity Gap: Consumers are Worried. Your Brand Can Help

Estimated Reading Time: 5 Minutes

Are you afraid of the dark?

Are You Afraid of the Dark Intro Animation

You’re not alone. Many people share this fear (47% of adults). We all know many other common fears, like fear of spiders, public speaking, being robbed or mugged, and others.

But in our hyper-digital world, increasingly more individuals are concerned about identity theft and their cybersecurity. There’s a twist, though: despite high levels of concern, proactive measures and action are low.

Iris^® Powered by Generali recently released its first annual Identity & Cybersecurity Concerns (ICC) Survey, which uncovered some surprising insights into consumers’ identity theft and cyber concerns and the tools they need from businesses like yours to combat these risks.

Let’s explore Iris’ latest research, including what matters most to consumers, where they feel vulnerable, and how businesses like yours can fill a cybersecurity gap for customers.

Key Takeaways

Consumers feel digitally secure – but there’s a gap in their cybersecurity efforts.
Life events like moving, buying and/or selling a home, or starting a business increase consumers’ actual and perceived exposure to identity theft and fraud.
Common cyber threats and the rise in artificial intelligence (AI) are top of mind for all consumers.
Brands that fill this cybersecurity gap can win long-term trust and loyalty by helping consumers feel more at ease and safer in their online and offline worlds.
With Iris, brands can deliver a unique data security experience that addresses consumers’ worries and delights them with frictionless, human-centered, empathetic support.

Key Findings: Consumers May Feel Secure Online, but Specific Cybersecurity Concerns are High

Fear is high for device security and identity protection

Majority of consumers say they are concerned about the security of their personal devices and passwords.

85% of consumers are worried about their personal devices being hacked
88% are concerned about their passwords being compromised

And yet, 87% of consumers also said they feel secure using their internet-connected devices.

Gaps in Data Protection Practices Indicate Action is Lagging

Only 3 in 10 consumers (30%) follow all recommended cybersecurity best practices. Some common cybersecurity practices include using a VPN, creating strong, unique passwords, recognizing phishing attempts, updating software, and enabling multi-factor authentication.

This contradiction suggests that while people may feel secure, they fall short on prevention.

Life Events May Indicate a Higher Risk of Identity Theft & Fraud

Major life events can be a joyous and momentous occasion for many adults. However, the threat of being victimized by scammers and fraudsters is very real.

Consumers believe these life changes, in particular, make them most vulnerable to identity theft:

Moving to a new location – 33% of consumers
Starting a new business – 31% of consumers
Buying and/or selling a home – 30% of consumers

Major life changes like moving and buying or selling a home often involve providing personal data to multiple parties (i.e., realtors, lenders, utility companies, etc.), increasing the exposure to fraud.

Certain Threats Bring Higher Consumer Concerns

While major life events raise concerns for identity theft and fraud, consumers are also worried about day-to-day cybersecurity pitfalls, such as:

Cybercriminals using AI for malicious purposes – 91%
One or more of their passwords being compromised – 88%
Their children being cyberbullied – 80%
Falling victim to a scam – 78%
Their home’s title/deed being stolen – 63%

Consumers are Willing to Pay for Identity Protection & Peace of Mind

For brands, consumers’ rising concerns coupled with this clear cybersecurity gap present a unique opportunity to offer more than just identity theft protection tips and resources.

Consumers are also willing to pay for it.

66% of individuals say they will pay for a comprehensive identity protection solution.

It’s also worth noting that 80% of people would use identity protection features if they were integrated into a mobile app they already use…

Consumers seek guidance, protection, and peace of mind, and want it from the brands they already know and trust – like yours.

Of those who would pay for robust identity and cyber protection, consumers prefer to buy it from:

Bank or credit card provider – 63%
Insurance company – 36%
Retailer – 17%
Real estate agent or home mortgage lender – 13%

In-blog graphicI CC Survey_Singular Protection Solutions are Popular

These findings only confirm what we're doing at Iris,” said Erik Nienaber, Chief Technology and Product Officer at Iris. “By embedding protection where consumers already are – whether through banks, credit card companies, or other trusted providers – we’re making it easier than ever for them to stay ahead of evolving cyber threats without having to navigate complex security solutions on their own.

Erik Nienaber, Chief Technology and Product Officer of Iris

How Brands Can Fill a Cybersecurity Gap for Customers

Offer Comprehensive Identity Protection from Iris

Brands that fill this cybersecurity gap can win long-term trust and loyalty by helping consumers feel more at ease and safer in their online and offline worlds.

Let Iris help you meet your customers – and potential customers – expectations and help quell their top concerns.

With Iris’ expansive library of identity and cyber protection solutions, brands can address their audiences’ cybersecurity concerns and challenges by offering them powerful and in-demand solutions like dark web monitoring, home title monitoring, award-winning fraud resolution, scam analysis assistance, personal cyber protection, device protection, and more.

With Iris, brands can deliver a unique identity and cyber protection experience via a dedicated branded portal or integrate it into an existing mobile app or digital experience via API.

By addressing consumers’ fears and delighting them with something slightly unexpected, you will capture new audiences and build consumer trust and loyalty – an invaluable asset to organizations, no matter their industry.

Interested in taking a deeper dive into the report’s findings? Download the full report today!