Confidence in Canadian business data safeguards erodes as identity theft concerns rise

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According to a survey commissioned by the Chartered Professional Accountants of Canada (CPA Canada), concerns about identity theft are rising and the protections Canadian businesses have put into place to safeguard personal information are falling. The changes in concerns weren’t dramatic, but all indicators went the wrong way

According to the survey, 71 percent of respondents said they are concerned about identity theft. That’s up somewhat from 66 percent in the same survey taken a year ago. And 76 percent of respondents said that they “fear” Canadian businesses are vulnerable to cyberattacks that would place their personal data at risk. That figure is also up slightly from the 73 percent who said the same last year.

Also, 68 percent of respondents said that they believe Canadian businesses are doing their best to safeguard personal customer information. While that’s a sizeable majority, it’s down four percent from last year’s 72 percent who thought businesses were doing their best to safeguard personal customer information.

Roughly four in 10 survey respondents said that they think their own personal information has been compromised. “Canadians are living more of their lives online and companies face significant challenges associated with gathering, managing and protecting information,” Doretta Thompson, director, corporate citizenship, at CPA Canada said in a news release.

Additionally, the CPA Canada survey found that 68 percent of respondents believe electronic payments such as tapping debit and credit cards or using smartphone apps facilitate fraudulent activities. Interestingly, 40 percent of respondents said they feel uncomfortable buying online.

A full 35 percent of survey respondents said they’ve been personally a victim of financial fraud during their lives. Turns out that credit card fraud, at 75 percent, and debit card fraud, at 24 percent, top the list of types of fraud perpetrated on survey respondents.

To mitigate risks, Thompson advised consumers to use trusted websites and reputable payment processors and to check bank and credit card statements regularly. “You are your own best gatekeeper when it comes to protecting your personal information. Be extremely cautious about what information you share online. Fraudsters are always looking for personal data,” she said.

The 2018 CPA Canada Fraud Survey was conducted by Nielsen via telephone between February 7 and February 18, 2018, with a national random sample of 1,000 adult Canadians aged 18 years and over.

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  1. […] This is a Security Bloggers Network syndicated blog post authored by Cybersecurity Matters. Read the original post at: Cybersecurity Matters – DXC Blogs […]

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