Security, A Key Concern With Death Of Cash By 2030
With the rise of credit cards, contactless payments and cryptocurrencies like Bitcoin, experts have long predicted the death of cash in the next one decade or so. New research predicts that cyber security is also becoming a key concern in the increasingly cashless economy.
IEEE hosted an online survey about the future of cybersecurity with over 1,900 respondents answering a variety of questions regarding their level of comfort with digital or cashless payments, as well as the digital advances they believe the future holds. According to the results, when asked what year mobile payments would be secure enough to the point where traditional methods (such as cash and credit cards) would no longer be required, 70 percent of respondents indicated a major shift by 2030.
The survey results also found, on a scale from 1-5 (1 being least concerned to 5 being most concerned), a similar percentage between the lack of concern regarding the security of work email (50 percent) and personal email (49 percent) accounts, which is surprising given that there is no dedicated IT department to monitor and protect personal email as there is for a work-affiliated account.
“Now more than ever, cybersecurity is a necessary safeguard to our digital lives, which hosts a variety of our private and personal information,” stated Diogo Monica, IEEE member and security lead at Docker. “Cyberattacks can now unfortunately happen in nearly every element of our lives, such as our car, connected home and wearable devices. Whether it’s putting more reliance in digital systems for our currency or trusting that our email accounts are secure, we need to be cognizant and take the necessary precautions to protect our digital footprint.”
Consumers No Longer on Cloud Nine
More than one quarter (26 percent) of participants also noted that the cloud was the least preferred method for storing their information; 49 percent of respondents chose personal computer log as their primary option. Respondents did have concerns regarding other considerations to their digital footprint. When asked on a scale from 1-5 (1 being riskiest to 5 least risky) about their personal information being available on certain platforms, respondents believed that online banking (72 percent), syncing to the cloud (53 percent) and banking/mortgage information (60 percent) were extremely risky, indicating a 1 or 2 for each.
“These results emphasize the need for more research in cloud security,” stated David Brumley, IEEE member and director of CyLab at Carnegie Mellon University. “We need to develop more tools to test software vulnerabilities, and we need them more broadly adopted.”
Internet Starts with “I” - Managing Your Digital Home
There is a level of sophistication among respondents who monitor their home Internet activity. According to the results, 22 percent of respondents have automated alerts set up for any attempted connectivity, 11 percent utilize visualized monitoring in real-time and 3 percent connect to a cloud monitoring system. When asked what would be most affected by the continued developments of cybersecurity, participants noted identity theft (42 percent), followed by online anonymity (27 percent), piracy (18 percent) and viruses (12 percent).
Below is an infographic explaining the future of cyber security in a cashless economy:
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