Consumers prioritize security over convenience online: report
According to McAfee’s 2022 Global Trends Study, consumers are increasingly prioritizing security over convenience. “Indian consumers’ perceived greater risk of exposure to online threats to individuals and their family members, and a corresponding desire to invest in online protection,” the report said.
The report is based on research conducted by McAfee, LLC in November 2021 on possible changes in online safety needs, attitudes and actions. From several countries, 10,000 people, aged between 20 and 60, took part in the study.
The report comes amid surges in the use of online banking services, investments in virtual assets and other online activities due to Covid-19. “Although life online is full of conveniences, they are not enough. People want to be safe. Safety, and the feeling people get from it, seems to have intrinsic value,” the report says.
In a series of “either or either” questions, consumers repeatedly chose protection over convenience. For example, when asked to choose between connecting with others from anywhere or always being fully protected, the response was strongly in favor of strong protection (69%) over being connected. easy (16%). A similar sentiment extended to the workplace, where “guaranteed flawless work meetings” was at 14% versus “guaranteed secure meetings” at 69%.
“Consumers want a protected connection, even if it costs them. Security also seems to have a distinct financial value. When asked to choose between cost savings and their safety, consumers were still overwhelmingly in favor of protection,” he said.
Additionally, between being offered zero-fee banking or completely secure banking, 17% opted for zero fees while 68% opted for their security. Additionally, 71% of respondents said they would pay an additional 10% for a secure purchase, while 13% said they would risk giving out their details for a purchase at a lower price.
In addition to prioritizing security in their online banking and shopping, consumers will also pay for apps and services that protect them. 71% of consumers said they have addressed their security and privacy risks by using new tools on their devices, such as a VPN, antivirus apps, firewalls, credit monitoring services, and more.
The report also explored security and consumer gaming preferences.
According to the report, privacy is a major issue for consumers, with 53% of respondents saying they believe the risks to their online privacy have increased.
“Gamers surveyed also share this sentiment, especially in a landscape where many so-called ‘free’ games actually have a hidden price: the capture and possible resale of personal information to third parties,” according to the report. “When told about potential privacy issues, most players in our survey said they would protect themselves.”
Around 25% of respondents were willing to share their personal information, while a majority of consumers (56%) said they were unwilling to trade their privacy for a game.
“Provided they are aware of the issues at hand, gamers (and in many cases, their parents) can make better decisions about which games to play and which to avoid,” according to the report.
According to the report, in terms of healthcare, consumers have embraced online healthcare services, out of convenience (51%) and COVID-related necessity (68%) and will continue to do so, within limits. .
Apart from this, consumers are also concerned about the security of their vaccination cards. “Vax cards are the new credit cards, and Indian consumers want them protected, the need for digital passports for vaccines will continue, and Indian consumers will want to make sure their identities are protected,” according to the report. .
More than half of respondents (54%) said they expect increased tracking of vaccination status and storage of proof of vaccination in 2022. However, they also expressed concerns about COVID-related online activities which may lead to data privacy issues or possible identity theft.
67% of respondents said they would prefer a digital vaccine passport, while only 18% preferred a hard copy.
When it comes to fintech, consumers are wary of scams. “Cryptocurrency fraud like the ‘Squid Game’ scam will sour consumers’ taste for fintech,” the report said. 53% of respondents believe that their personal and financial information is particularly at risk.
Around 53% of respondents said they had created new accounts or logins associated with cryptocurrencies and virtual assets, while 54% of crypto enthusiasts said they had stored new digital properties on their device in 2021.
Another 49% said they keep personal data, purchase or transaction data, or recordings of conversations on their device. This makes these devices an attractive target for cybercriminals.
Online learning and consultations
In education, online learning and consultation are on the rise. “Consumers in India are showing more and more willingness to learn online and to seek mental health consultations online, at least in some cases,” he said.
Although growth was driven by COVID-related concerns (63%), a significant number of respondents cited requirements for school or work (44%) as reasons for seeking these services online.
“Nearly every aspect of our lives now intersects with the digital world. This requires greater levels of information to be shared with an increasing number of applications and organizations via the Internet. Protecting this information requires a combination of strong application security architecture and good user hygiene, such as strong passwords and multi-factor authentication,” said Steve Grobman, senior vice president and chief technology officer, McAfee.
January 24, 2022