Telesign Consumer Account Security Report

TeleSign has commissioned a study that quantifies consumers’ concerns about online security and their exposure to breaches. This report describes the actions they are taking—or not taking—to protect themselves, and reveals how poor password management and single-factor authentication create the potential for widespread security incidents due to data breaches and other issues in today’s threat landscape.

Highlights include:

Online security is a serious issue that is top of mind for consumers

• In the wake of hundreds of millions of personal records being stolen through an increasing number of well-publicized hacks:
• 80 percent of consumers are worried about their online security
• 45 percent are extremely or very concerned about their accounts being hacked
• 40 percent have experienced a security incident in the past year

Consumers are primed to fall victim to the domino effect due to poor password practices

• One of the most common and dangerous security mistakes is using the same password across multiple accounts. If hacked, it can cause a “domino effect,” allowing all accounts with the same password to be breached.
• 73 percent of online accounts use duplicated passwords
• Password fatigue is common.
• More than half of consumers (54 percent) use five or fewer passwords across their entire online life, while 22 percent use just three or fewer
• Almost half (47 percent) of consumers rely on a password that hasn’t been changed for five years

People have lost faith in the password to secure their online lives and report wanting more security and advice to stay protected

• 70 percent of consumers lack a high degree of confidence that their passwords can adequately protect their online accounts.
• 68 percent want companies to provide an extra layer of security
• 72 percent would welcome advice on how they can better protect their online accounts.
• More than half of people (56 percent) are unfamiliar with two-factor authentication