Majority of People Want Cybersecurity Schooling

Nearly three-quarters of consumers (74%) would likely participate in their financial institution’s cybersecurity awareness or education program, if offered, according to a white paper from financial technology provider Computer Services, Inc.

The survey, the “2019 Consumer Cybersecurity Poll,” also found an overwhelming majority of consumers (92%) have concerns about the security of their personal confidential data online. According to the results, 56% believed a person’s payment information more vulnerable when using a debit card versus a credit card; and 24% believed it is okay to use the same password for an online bank account used for other online accounts. Surprisingly, according to the report, younger adults are more likely to believe this than their older counterparts (36% of those ages 18-34 vs. 19% of those ages 35 and over).

The poll, conducted by The Harris Poll, on behalf of the Paducah, Ky.-based CSI, ran online July 1-3, 2019, and represented feedback from more than 2,000 U.S. adults ages 18 and older about their security concerns, beliefs and practices.

“Compromised financial data represents one of the most threatening issues for financial institutions and consumers alike, so it comes as welcome news that consumers are interested in receiving education from their banks or credit unions,” Kurt Guenther, group president for CSI Business Solutions, said. “Financial institutions have a unique opportunity to not only build stronger relationships through customer education, but also enhance their own anti-fraud efforts by providing accurate, easy-to-use advice that helps consumers protect themselves in the event of a security incident.”

The top two cybersecurity concerns are identity theft (with 73% identifying it as a cybersecurity concern) and compromised payment card data (at 72%). “It makes sense that these two closely related issues top the list because both hit consumers where it really hurts—the interconnected space between their privacy and their finances,” the report stated.

“Although consumers may not understand the technical aspects of it, they still expect and demand that banks and credit unions do everything in their power to protect both their identity and financial accounts from fraud,” the study said.

The report also suggested taking a proactive approach to cybersecurity education can help banks and credit unions increase customer retention. Over half of consumers (58%) indicated they would drop their financial institution if it suffered a data breach.

“If financial institutions take the lead in educating consumers about cybersecurity, they can further solidify their position of trust in the community,” the white paper said. It added, because unlike some public awareness campaigns that struggle to find an audience, consumers seem to want cybersecurity education and awareness training, as 74% would likely participate in a program if offered by their financial institution.

The white paper noted Institutions can leverage this opening far beyond their customer base. “Really, developing a cybersecurity training program is a community outreach opportunity, something institutions have historically embraced as part of their trusted role in the community.”

CSI presented some keys to a successful program:

• Cast a wide and inclusive net throughout your community and beyond your customers.
• Partner with civic organizations for broader reach, including small businesses.
• Consider giveaways and door prizes to further attract attention.
• Plan according to your audience’s availability, needs and concerns.
• Set a convenient time for your audience, i.e., morning for seniors, evening for working adults.
• Hold the event in a suitable location that adds weight to your credibility as a trusted resource.
• Let an engaging speaker lead the discussion.