Cybercrime SOS: Building Consumer Trust in The Face of Online Threats
The cxLoyalty Team | November 13, 2019

The connected world presents individuals and businesses alike with great opportunities and challenges – many of which are yet to be fully realised or understood. As our reliance on connected devices, online accounts and transactions increases, so in turn does the risk to personal information, data security and the potential of being exposed to cybercrime.

The consequences of cybercrime can be serious and can affect every aspect of a person’s life. Not only is the risk financial, but it can affect the integrity of a person’s identity, personal security, reputation, credit score and potentially their employment prospects.

To find out what consumers really know and feel about cybercrime, their attitudes towards managing it and who they really trust, CxLoyalty commissioned research across 12 markets and 13,000 consumers. The research focused on key types of cybercrime affecting individuals today. Some are more prevalent and well-known than others, but all can be potentially devastating when they strike.

Taking identity theft as a case in point, it can have a number of adverse outcomes, ranging from financial loss resulting from credit and loans fraudulently obtained in the victim’s name, credit problems, or legal action for the recovery of debt, through to very substantial reputational damage that can ruin the victim’s life. What is more, these effects can be long term and can affect the victim for a number of years, including future prospects of securing credit, as well as career or employment prospects.

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