36 MARCH / APRIL 2022 To understand how U.S. consumers view cybersecurity risks, CSI worked with The Harris Poll to survey more than 2,000 U.S. adults ages 18 and older. Respondents were asked to identify their primary financial institutions to provide a look into the perceptions of bank and credit union customers, as well as those without primary institutions. The data from this online survey was then analyzed and used to create a report on consumers’ cybersecurity perceptions and expectations.* This article provides insight into this year’s survey results and offers a comparison to data from a similar survey conducted on behalf of CSI by The Harris Poll in 2019, exploring how cybersecurity concerns have shifted among Americans. How is consumer perception of cybersecurity issues changing? Although a substantial number of consumers (85%) reported cybersecurity concerns pertaining to their personal confidential data, 15% are not particularly worried – a surprising figure considering the surge in pandemic-related cyberattacks. By comparison, in 2019, 92% of consumers reported cybersecurity concerns pertaining to their personal confidential data. This year’s decrease could signal that Americans are becoming desensitized to cybersecurity risks. It’s likely that the size, scope and frequency of cybersecurity events have made breaches appear somewhat abstract and distant to the average consumer. Additionally, the constant barrage of media coverage on this topic Consumers’ Top Cybersecurity Concerns could be contributing to greater risk tolerance among consumers – potentially leading to adverse effects for banks and making effective cybersecurity education even more important. Key takeaways from the consumer cybersecurity poll. To gauge shifting perceptions, consumers were asked their thoughts regarding password habits, payments security, data breaches and more. Following are a few takeaways for banks: % Top cybersecurity concerns. Identity theft and stolen credit or debit card information tied as the top cybersecurity concerns among consumers at 60%. This is down significantly from 2019, when identity theft topped the list of concerns at 73%, followed closely by stolen card information (72%). These changing perceptions among Americans indicate that institutions should prioritize educating customers on these evolving risks. % Risks of a data breach. Nearly half of all respondents (48%) would leave their institution if it suffered a data breach. To mitigate the risk of customer attrition, institutions should have an incident response plan in place to direct their actions in the event of a breach. % Strong authentication. 30% of Americans reported that they view it acceptable to use the same password for an online bank account that they use for other online accounts, representing an increase of 6 percentage points from 2019 (24%). To mitigate risks associated with lax security habits, banks should provide and promote multifactor authentication Sean Martin Director of Product Management, CSI Managed Services Computer Services Inc. Sean.Martin@csiweb.com Computer Services Inc. (CSI) is an associate member of the Indiana Bankers Association. OPERATIONS / TECHNOL0GY
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