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New HSB survey shows cyber-crimes rising

Worried consumers are buying more cyber insurance

U.S. consumers are worried about their data security, and they have a reason to be. The latest HSB cyber survey shows a continuing increase in identity theft, cyber-attacks and online fraud as criminals steal personal information and millions of dollars.

Victims targets at home and away

“Americans are more connected than ever, linking all types of devices and systems to the internet,” said Timothy Zeilman, vice president for HSB. “That gives criminals new opportunities to target individuals at home and on public Wi-Fi networks.”

Identity theft is a big concern

The HSB survey conducted by Zogby Analytics found 77 percent of consumers were very or somewhat concerned about online identity theft. Almost as many were concerned they could be hacked or have their personal data stolen while shopping on public Wi-Fi.

Cyber-attacks and ransomware

Those fears were reflected in the nationwide survey results.

  • In a growing trend, almost a quarter of consumers (23 percent) said their identities were stolen, up five percent over similar HSB surveys in 2018 and 2016.
  • A third of consumers (34 percent) experienced a virus or other computer attack and 59 percent spent more than $500 to respond.
  • Ransomware attacks were steady at 11 percent, but victims were more likely to pay criminals to unlock their data or keep it private.
  • Online consumer fraud nearly doubled from previous HSB surveys to 16 percent of individuals. More than half the victims lost over $500 and a third over $1,000.

Click here for more results from HSB’s survey.

More consumers buying insurance

Consumers appear to be more aware of their cyber exposure and are taking steps to protect their name and credit. The HSB survey found 70 percent regularly monitor their credit reports and the number covered by cyber insurance increased significantly to 25 percent.