As we continue to live more of our lives online, risks are growing
More than one third of Canadians feel that their personal and financial information is already at risk.
And as we continue to grow our digital footprints online, so too is the risk to that information, especially with increased use of financial and wealth technology solutions.
A new report from cybersecurity firm McAfee shows that at the time it conducted its survey (November 2021) 58% of respondents stated that they have created new accounts or logins associated with cryptocurrencies and virtual assets.
The report highlights the particular risk posed by these digital properties as one of several key trends. Worryingly, McAfee warns of further bogus cryptos, like the fake Squid Game coins that cropped up recently.
On a positive note, the research highlights that consumers want to prioritize privacy and protection over convenience and cost.
Given a choice between zero-fee banking and utterly secure banking, 51% chose security while 23% would pick the cost saving.
For digital payments, 51% of respondents said they would pay an extra 10% for a secure purchase—whereas only 14% said they would risk leaking contact information for a purchase at a lower price.
“Almost every aspect of our lives now intersects the digital world. This requires greater levels of information to be shared with an increasing number of applications and organizations through the Internet. Safeguarding this information requires a combination of strong security architecture of applications along with good user hygiene, such as strong passwords and multi factor authentication,” said Steve Grobman, McAfee’s SVP and chief technology officer.
7 trends to watch in 2022
The McAfee’s 2022 Global Trends Study lists the 7 privacy trends to watch in 2022 in Canada:
- While life online is loaded with conveniences, they’re not enough. People want to be secure
- Consumers want a protected connection, even if it costs them
- Gamers will take a pass on so-called “free” videogames
- AI monitoring of healthcare? Not so fast.
- Cryptocurrency fraud like the “Squid Game” scam will sour consumer taste for fintech.
- Vax cards are the new credit cards, and Canadians want them protected.
- Online learning and consultations will increasingly take root with consumers—above and beyond COVID necessities.
