Consumers increasingly likely to purchase identity protection as a result of expanding risks
Generali Global Assistance (“GGA” or “the Company”), a leader in the assistance industry since its founding in 1963, part of the multinational Generali Group, and the developer of a proprietary and innovative identity and digital protection platform, today published an infographic titled, “New Identity Crisis” summarizing the finding of a recent consumer study they had commissioned. The Company developed the infographic in support of National Cyber Security Awareness Month (NCSAM), furthering its commitment to this initiative demonstrated through a variety of partnership initiatives with the National Cyber Security Alliance and other organizations.
The infographic explores the ever-expanding threat posed by cyberattacks and identity theft, and more specifically the impact on consumers. Data breaches in the United States continue to increase at a record pace and are predicted to reach an all-time high of over 1,000 in 2017, according to Gemalto. As a result, worry about identity theft and cybercrime is now on par with other common concerns such as illnesses and car accidents, and more people are becoming concerned about identity theft year after year. For example, 31% of U.S. consumers are very worried about being a victim of identity theft, while only 22% are very worried about their home being robbed. Thirty-two percent of consumers expressed fear of becoming an identity theft victim in the next five years, compared to only 20% in 2014. Ninety percent of consumers believe that experiencing identity theft or fraud would have a fair to significant impact on their lives.
Paige Schaffer, President and COO of Generali Global Assistance’s Identity and Digital Protection Services Global Unit, commented on today’s news, “Fear of becoming an identity theft or cybercrime victim is on the rise, and consumers are concerned with the impact these crimes can have on their lives. With 2017 on pace to reach an all-time high of reported data breaches, businesses and consumers alike need to be more prepared than ever to mitigate associated risks. The infographic published today, as well as the variety of initiatives in which we have been engaged to support National Cyber Security Awareness Month, demonstrate our commitment to education so that everyone is armed with the information necessary to combat identity theft.”
Identity theft and cybercrime worries are on par with other common concerns such as illness, car accidents, and being robbed. As a result, 58% of consumers are likely to purchase identity theft protection in the next two years. For comparison, the same percentage (58%) are likely to purchase life insurance in the next two years, while only 47% of consumers plan to purchase an extended warranty for their car. The annual amount spent on identity protection has risen to a whopping $3.5 billion, according to Javelin Strategy & Research. Reasons that consumers cited for potentially purchasing identity protection include saving time if victimized by identity theft, peace of mind and the resolution services offered by identity protection organizations. Additionally, consumers indicated that they would want to buy identity protection from companies they already trust, including banks, insurance companies, credit unions, credit bureaus or credit card companies. Generali Global Assistance provides client branded or co-branded identity protection solutions to all of these types of organizations, among others.
Ms. Schaffer concluded, “Peace of mind is a major factor influencing consumers to purchase identity protection plans, and 75% feel that only highly-trained experts can mitigate risks and resolve issues. Organizations can cultivate trust with their customers by offering identity protection from Generali Global Assistance. Emphasizing our people-first approach, our certified identity resolution specialists help to rectify identity-related issues 24 hours a day, 7 days a week in order to mitigate the stress and hardships associated with identity theft. The identity protection platform is highly customizable and can be client branded, exemplifying Generali Global Assistance’s commitment to serve the unique needs of every partner organization.”
About Generali Global Assistance
Generali Global Assistance has been a leading provider of identity and digital protection solutions, travel insurance, and other assistance services for more than 25 years. The Company offers a full suite of innovative, vertically integrated travel insurance and emergency services, identity protection solutions, and beneficiary companion services. Generali Global Assistance is proudly owned by Europ Assistance Holding, a division of the multinational Generali Group, which for over 185 years has created a presence in 60 countries with over 76,000 employees. Our success has been built on the foundation of trust that clients have placed in our ability to provide assistance in the most difficult of circumstances.
GGA Media Contact
Jay A. Morakis
M Group Strategic Communications (for Generali Global Assistance North America)
GGA Marketing Contact
VP, Global Marketing, Identity and Digital Protection Services Global Unit