Post the data breach, almost 70 per cent of Facebook users in India are not willing to share personal data as they did before, while 76 per cent users have become cautious about online financial transactions. Among the internet users, 86 per cent are also concerned about the security of their Aadhaar data, finds a study.
A study by market research company Velocity MR found that 24 per cent of Facebook users have started sharing “lot lesser” personal data after the data breach was reported. Another 38 per cent are sharing “a little lesser” info and 7 per cent have completely stopped sharing data. Only 31 per cent users are continuing data sharing as before.
Female respondents said they would share less in the future and four out of every 10 users said that their opinion about Facebook has gone down post the data breach incident. Sixty-seven per cent of social media users fear that their data can be misused against them.
“Every netizen is leaving a trail of digital footprints with everything that they click online. From personal information to financial data to biometric details, all these data are accessible in some form or the other on various foreign servers that one cannot fathom. With the new GDPR regime coming into play, it is a wakeup call for internet companies to tighten their security policies with immediate effect,” said Jasal Shah, MD & CEO at Velocity MR.
Among the respondents, 76 per cent have also become cautious about online financial transactions. Six per cent have stopped online financial dealings, 28 per cent have reduced the number of transactions and 42 per cent have become more cautious. But there has been no change in the way 24 per cent have been engaging in financial transactions online. More than 50 per cent of the users believe that social media is not safe for financial transactions. Fifty-five per cent of the users are also willing to pay more to secure personal data on social media sites.
The security concerns are not restricted to social media only. Eighty-six per cent of the respondents were concerned about the security of their Aadhaar data. They want the government to take appropriate steps to secure citizens’ data. Eighty-one per cent also want the government to control social media sites. Almost 65 per cent of the users felt the need for ‘social credit ranking system’ for the citizens. They also thought that Facebook data breach can influence elections in India.
However, the trust in Google was comparatively higher among the users. Seventy-three per cent of the respondents found that Google was trust-worthy and half of the users believed that Google will not misuse their data. However, 26 per cent were not confident enough. They think Google too can misuse data.
“Cyber security has always been discussed but never given the importance that it deserves in the boardroom. However, the situation seems to be changing post 2017, which saw cyber breaches of global scale and magnitude. The increasing frequency of breaches and the costs associated with them demonstrate the need for companies to purchase cyber insurance. The ever evolving nature of cyber risk poses an even bigger challenge for insurers, as they will have to work towards providing a wholesome risk mitigation product to customers,” said Sanjay Datta, chief, underwriting, claims and reinsurance, ICICI Lombard.