Pub. 12 2021 Issue 4

wvbankers.org 18 West Virginia Banker What are Consumers’ Top Cybersecurity Concerns? Find out how your bank can address key issues and build trust among your customers By Sean Martin, CSI T o understand how U.S. consumers view cybersecurity risks, CSI – a leading provider of fintech, regtech and cybersecurity solutions – worked with The Harris Poll to survey more than 2,000 U.S. adults aged 18 and above. Respondents were asked to identify their primary financial institution, providing a look into the perceptions of big bank customers (e.g., Chase, Wells Fargo, etc.), community bank customers, credit union members and those without a primary institution. The data from this online survey was then analyzed and used to create an executive report to help financial institutions understand consumers’ cybersecurity perceptions and expectations. This executive report provides key 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 number considering the surge in pandemic-related cyberattacks. By comparison, in 2019, 92% of consumers reported cybersecurity concerns pertaining to their personal confidential data, so 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. And the constant barrage of media coverage on this topic 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. Here 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 respondents (48%) would leave their institution if it suffered a data breach, and 51% of community bank customers agreed that a breach would cause them to leave. To mitigate the