Norton reveals the alarming cost of cyber crime

Norton by Symantec has revealed some startling findings following the release of the internet security company’s Cybersecurity Insights Report that outlines the real cost of online crime.

According to the study, nine out of 10 Australians worry about being affected by cybercrime.

And 66 per of respondents think their credit card information is more likely to be stolen online rather than from their wallet.

“Our findings reveal that consumer reservations are grounded in reality. In the past year, more than $1.2 billion was lost to cybercrime and approximately four million Australians were impacted by online crime,” said Mark Gorrie, Director, Norton by Symantec, Pacific region.

“Consumer confidence has also been rocked by the number of mega breaches that exposed the identities of millions of people who were making routine purchases from well-known retailers.

“Our findings demonstrate that the headlines rattled people’s trust in mobile and online activity, but it hasn’t led to widespread adoption of simple protection measures people should take to safeguard their devices and information online.”

Most Australians have been touched in some way by cyber crime and have lost an average of 14 hours and $325 person dealing with the impact.

Credit card fraud and online extortion continue to be the biggest issues to affect Australians.

Australia ranks at eighth in the list of countries most impacted by ransomware.

Victims have paid on average a ransom of $420-$700 and that’s without a guarantee their files will be freed.

The Norton Cybersecurity Insights Report shows customers are overconfident but underprepared when it comes to their online security behavior.

People think they are doing the right thing to secure their accounts but are not passing the basic requirements.

Alarmingly, less than half (47 per cent) always use a secure password with more than eight characters with a combination letters, symbols and numbers.

Of the people who share passwords to sensitive accounts with friends and family – one in three share their bank account password.

The most common passwords shared are email (55 per cent) and social media (38 per cent) accounts with women being more likely to share a password.

Norton Top Tips to Stay Safe Online:

* Choose a unique, smart, secure password for each account you have online.

* Delete emails from senders you don’t know, and don’t click on attachments or links on suspicious looking emails.

* On social media sites if an offer sounds too good to be true, it just might be. Beware of the pitfalls of clicking on links from social media sites. Before clicking, hover the mouse over the link to see its destination. Only click on links that lead to reputable, official company pages.

* Always monitor your financial accounts for unusual activity. If there is a charge that you didn’t make, report it immediately. Often cybercriminals will charge a small “test” amount before attempting to drain your bank account.

* Don’t put off installing security software such as Norton Security Premium and updating it regularly.

* Use a secure backup solution to protect files and backup regularly so criminals can’t hold them for ransom.

* Report cybercrime to ACORN and seek support from IDCare, if you have been affected by identity theft.