In banking, roles that include cybersecurity protection go beyond the internal groups of professionals to the customer. Customers today are sensitive to their private data, especially their financial information, which they should be. Banks have been the target of cybersecurity attacks, and state-sponsored attacks against banks have come alive as the biggest threat.
According to Reuters, out of 94 cases of cyberattacks reported as financial crimes since 2007, the attackers responsible for the attacks were believed to be state-sponsored, with the majority coming from American adversaries, like Iran, North Korea, and Russia. Statistics like these shouldn’t make anyone feel comfortable.
Now, banks are lending an ear to their customers whose information is attacked by said hackers from state-sponsored bases. Bank technology firm CSI conducted a survey asking banking customers what they wanted from their banks when it comes to financial data breaches. The results highlighted a need for awareness and education around such issues, painting a picture of how important it is to stay informed.
CSI’s Survey Results
CSI’s survey results show that nearly three-quarters of consumers (about 74 percent) would likely participate in a cybersecurity awareness or education program from their own financial institution if they offered it. The survey, conducted through The Harris Poll on behalf of CSI, also found that an overwhelming majority of banking customers have concerns about the overall safety of their personal data online (about 92 percent).
More than 2,000 U.S. banking customers answered the poll request, which covered everything from security concerns, beliefs, and banking practices. More than half the consumers (56 percent) think that a person’s payment information is more than likely to be compromised at some point when using a debit card instead of a credit card.
What’s more, about one-quarter of banking customers (24 percent) think it’s okay to use the same login information for an online bank account that is used for other login accounts, like streaming services or email addresses. This opens the door to plenty of risks for the consumer, but even more risks for the banks in question since they are in charge of protecting information and funds.
Banks need to be running tighter operations with the help of cybersecurity programs as well as the peace of mind backup from cyber liability insurance. FGIB provides banks and commercial lenders companies with effective cyber liability insurance solutions to respond to cyber threats when they occur.
Any compromised financial data represents a threatening issue for financial institutions and consumers. On one hand, it’s great news to hear that consumers are depending on their banks to help them out with information on being more safe with their own information. And on the other hand, it should be an alarm for banks to invest in resources surrounding consumer cyber education. By taking a proactive step to keep consumers educated, banks can, in turn, be helping out their own cause by protecting their assets, taking responsibility, and encouraging better data hygiene all around.
About Financial Guaranty Insurance Brokers|
Since 1983, Financial Guaranty Insurance Brokers has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for entities of all types. To receive timely, personalized service from a knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.