A study, "New Security Priorities in An Increasingly Connected World" by global cyber security firm McAfee, also revealed a disparity in concerns as Indians do not view safeguarding their connected devices (25 per cent) as equally important as safeguarding their identity (45 per cent) and privacy (39 per cent).
"Even though consumers are increasingly worried about their security and privacy, we have also observed a disparity between their concern and action," Venkat Krishnapur, Vice President, Engineering and Managing Director at McAfee, said in a statement.
In the wake of growing risks of identity theft and fraud, 50 per cent of consumers have signed up for an identity theft protection solution with 42 per cent planning to start using it.
The research indicated that the primary ways consumers rely upon for monitoring their identity include checking online bank and credit card accounts for unauthorised charges (64 per cent), checking social media for fraudulent posts (38 per cent) and using credit monitoring services (31 per cent).
"In an ever-changing digital world fuelled by volume, speed and complexity, consumers should take a proactive approach towards protecting their identities and data," Mr Krishnapur added.
When it comes to purchasing connected home devices, 39 per cent Indians ranked security as the most important factor.