Millennials are a generation defined by technology. After all, this is the first generation to grow up surrounded by technology. Despite this, it’s the older generations who are savvier when it comes to internet security. According to research by FirstData, millennials are less concerned with cybersecurity than older generations. The biggest problems faced are with reusing the same password and with over sharing sensitive information on social media and over email.
Older generations might be more concerned with their individual computers and devices being infected, which is why they are cautious about internet usage and sharing information. However, younger generations don’t share these concerns. Although device-level security might be sufficient, there is always the worry that third-party sites could be compromised. If a user has the same password for every platform, then this could present a serious problem.
According to the research, 82% of millennials reuse the same password across websites and apps and 42% will only change their password if they are forced to. The main reason cited for this reluctance to change passwords is that they are simply too difficult to remember. For company owners, this presents a unique challenge when it comes to policing their company password policy.
When it comes to oversharing on social networks, millennials are less concerned about the risks associated with this. Only 43% of millennials are concerned about transmitting private information over social media sites, compared to 63% of boomers. Even something as small as sharing your date of birth on social media can allow fraudsters to piece together your identity and open credit cards in your name.
For companies, this presents a unique challenge, as millennial workers might use the same password for their work email as they would for their social media accounts. Although there is a lot of attention to cybersecurity threats such as ransomware, millennials aren’t as concerned about the risks associated with identity theft. While social networks might be secure, many people allow third-party apps to access their information without a second thought, and this is where more education is needed. Although millennials may be very savvy when it comes to technology, there are clearly gaps in awareness where security is concerned.