Consumer Risks & Worries

Joe Public has joined U.S. business owners in worrying about cyber risk more and more.

Cyber-related concerns grew by more than 20 percentage points among consumers from last year, moving from the fifth-ranked to the third-ranked concern overall, in the third annual Consumer Risk Index conducted by The Travelers Cos.

One in four Americans say they have been the victim of a data breach or cyber attack, according to the survey.

“Cyber threats are joining the ranks of the conventional issues that individuals have worried about for decades,” said Patrick Gee, senior vice president for claims at Travelers. “Many may be feeling more vulnerable to cyber risks as Americans are becoming increasingly reliant on technology in nearly every aspect of their daily lives.”

Of the cyber risks listed as potential concerns, respondents worried the most about their bank accounts being hacked.

Other results from the new Travelers consumer survey indicate that a majority of Americans (57 percent) continue to believe the world is becoming riskier. Women, more than men, see the world becoming riskier, as do people over the age of 40.

Financial security is the top concern among consumers for the third consecutive year.

Distracted driving remains a major concern, as well. Ninety percent of respondents are concerned about getting into an accident due to someone else’s distracted driving, yet only 37 percent of respondents are concerned about getting into an accident due to their own distraction. Seventy-six percent of respondents are concerned about their children driving while distracted, up from 68 percent in 2014.

Over the past three years, a consistent two-thirds of consumer respondents have indicated that they believe severe weather is becoming more frequent in the U.S.

Consumers reported taking basic steps to reduce some of the risks in their lives. Seventy-six percent of respondents said they have annual car safety checks, and 77 percent have installed carbon monoxide or smoke detectors, which is consistent with previous surveys. Storing food, water and flashlights is a common preparation tactic for respondents.

Americans appear to be taking action to prepare for cyber threats as well. Seventy-eight percent of consumer respondents reported that they create strong passwords and keep them private; 76 percent limit the amount of personal information shared on the Internet and 69 percent keep their browsers updated with security features. But just 41 percent admitted to frequently changing online banking/financial account passwords.