McAfee Survey Reveals Average Internet User In Singapore Has S$57,500 Of Under-Protected ‘Digital Assets’

SINGAPORE, May 29, 2013 – McAfee today revealed the results of their Global Digital Assets survey, and exposed that the price Singaporeans place on their digital assets could get you a private university degree in Singapore, demonstrating the value that society now places on these intangible items.

The average Singaporean now own digital items (such as photos, videos and documents) with a total financial value of S$57,500. With the latest Credit-Suisse global wealth report calculating that the average wealth of an adult Singapore is S$320,000⁽¹⁾, taking digital assets into account would increase household wealth by nearly 20%. And this doesn’t take into account the financial value of the digital devices themselves, with nearly a quarter (24%) of Singaporean households now owning more than five digital devices.

Four in every ten Singaporeans (41%) admit to being hugely concerned about losing their digital assets. Not surprising given that with the average Singapore worker earning S$37,705 according to the 2012 report of Department of Statistics Singapore^[2], replacing these digital assets – if possible – would gobble up over one and a half year’s salary.

Singaporeans are aware of the risk of losing their digital assets, with 7 out of 10 people admitting to being familiar with the security dangers threatening their digital assets. Although Singaporeans know the dangers that they face online, with 73% concerned about identify theft, monetary theft, or fraud online, nearly the same proportion (69%) of Singaporeans admitting to not having any security software installed on any of their smartphones, and even more people (87%) admitting to not protecting their tablets.

With over half (60%) of us visiting 5-20 websites regularly that require a username and password, the importance of our password strength in protecting our digital assets is increasing. Yet, 1 out of 2 of Singaporeans use easy-to-remember passwords, or use the same passwords for all sites. That means, for 50% of us, a single leaked password would cost us over half a year’s worth of salary.

“It’s apparent that the consumer technology landscape is changing rapidly as smartphones, tablets, netbooks and Macs increase in popularity. With the number of digital devices we now use and own growing, consumers want to protect their personal digital assets, especially when you consider the considerable amount of money and time spent building up, not to mention the emotional value. Therefore consumers need an easier way to protect all their devices from online threats and from simply being destroyed,” said Steve Perchard, Vice President Consumer, McAfee Asia Pacific.

Our digital assets include many irreplaceable items that are impossible to recreate, re-download or repurchase, making up about half (47%) of our overall digital assets. Personal memories have the estimated financial value at S$18,297, while digital items containing personal records are valued slightly less at S$14,768.

The time we spend on our digital device is astoundingly high, with 58% spending 2 hours a day on our devices. Millennials spend the most time on their devices, taking up 20 hours per week, about the same time as a part time job. McAfee’s LiveSafe was specifically tailored to meet these behaviors and needs, and ensure a convenient and safe web surfing lifestyle for all. 

Other interesting statistics from the Digital Assets Survey:

·      Over 95% of Singaporeans own multiple digital devices

·      82% of Singaporeans own at least one laptop

·      90% of Singaporeans own a smartphone

·      Men place 13.8% more on entertainment files than women do, but both place the same value on personal memories

·      40% of us write passwords down on paper or in a notebook, or store them on our computer, phone, or tablet.

·      29% of seniors write down their passwords on paper or in a notebook

·      Over 80% of consumers have had to reset an online password at least once within the last six months

McAfee LiveSafe key features and benefits:

-       Provides complete, unlimited device security for PCs, Macs, smartphones and tablets against the latest viruses, malware, and spam along with a host of other protections.

-       An intuitive cloud-based “safety deposit box” – Personal Locker – allows users to store their most sensitive documents, including financial records, copies of IDs and passports, or anything else that is personal and private, in a convenient, ultra-safe online location. Users access their documents through biometric authentication – using voice, face and device recognition technologies

-       Simplified password management securely stores usernames and passwords, and logs in users with one click

-       Protects users’ personal information by allowing them to locate, lock and wipe devices in the event they are lost or stolen without compromising the privacy of the data

The McAfee Digital Assets 2013 study was conducted between 15 March and 9 April 2013 in US, Canada, Spain, UK, Italy, Germany, Japan, Australia, Singapore, India, Brazil & Mexico. There were 6,078 respondents.

LiveSafe Availability

Beginning in June 2013, McAfee LiveSafe service will be available through select retailers when purchased with a new PC or tablet.  McAfee LiveSafe will come pre-installed on Ultrabook™ devices and PCs from Dell in Singapore starting on June 9, 2013.  For more information on McAfee LiveSafe service, please visit www.mcafee.com/livesafe.

www.mcafee.com/livesafe.

[1]https://infocus.credit-suisse.com/data/_product_documents/_shop/368327/2012_global_wealth_report.pdf

[2]http://www.singstat.gov.sg/Publications/publications_and_papers/household_income_and_expenditure/pp-s19.pdf