Despite enormous investments in cybersecurity by their financial service providers, customers still feel that they are not doing enough to protect their financial assets and data. That was just one of the findings of Morphisec's new 2019 Consumer Finance Cybersecurity Threat Index.
With attackers targeting financial service companies across the globe 300 times more frequently than businesses in other sectors, and the sizable jump last year in evasive banking trojans, Morphisec commissioned a survey of more than 1,000 consumers to get their perspective and understanding of the threatscape surrounding the finance industry. Combined with our own industry cyber threat intelligence, a picture emerges of customers wary of their providers' cyber defenses and willing to take their business elsewhere to feel more secure.
Here is a sneak peak at a few of the most compelling takeaways from the report:
- Consumers believe cyberattacks on financial institutions are currently the second biggest threat to the U.S. financial system, trailing only the threat posed by an escalating trade war.
- 65% of customers say their financial service providers don’t invest enough in cybersecurity to protect their financial assets.
- Consumers believe financial service employee error and malware pose the biggest risks to their financial data.
- 57% of customers say trust in financial service providers’ cyber defenses impacts their likelihood to do business with them.
- Consumers believe private cyber defenses are better than government defenses in the financial sector.
- More than half of consumers admit they don’t use strong passwords to protect their financial accounts..
Get the full Morphisec 2019 Consumer Financial Cybersecurity Threat Index here.