10/21/2021 | News release | Distributed by Public on 10/21/2021 10:39
Cybersecurity breaches are a major issue faced by organizations all over the world. But does the average consumer need to worry about getting hacked? And what risk does a consumer getting hacked present to their financial institution?
CSI's 2021 Consumer Cybersecurity Poll found that 85% of Americans reported cybersecurity concerns relating to their personal confidential data. However, a similar survey conducted by CSI in 2019 found that 92% of consumers expressed cybersecurity concerns, a decrease of seven percentage points.
It seems many Americans may perceive cyberattacks to be beyond their control, accepting this risk as part of everyday life. This acceptance may have resulted in lower security standards and lax practices in their personal lives, further exacerbating the likelihood of falling victim to an attack. And consumers with more tolerance for risk and lower security expectations could lead to adverse effects for financial institutions, making awareness and education of cybersecurity best practices more important than ever.
Cybersecurity Best Practices to Include in Your Institution's Awareness Training
Despite consumers' varying perceptions of cybersecurity risk, anyone can be the target of hackers looking to steal money, information or an identity. But there is good news: Even the least computer-savvy people can take steps to protect themselves.
Your financial institution should empower consumers with information through cybersecurity awareness campaigns, an important step in the fight against cybercrime. Providing education and promoting good cyber hygiene will mitigate cybersecurity risk for consumers and your institution while increasing the potential for new business through knowledge sharing.
As your institution plans cybersecurity awareness initiatives, consider including the following cybersecurity best practices to enhance protections for your customers or members.
Many websites offer free alerting to let users know when something happens on an account. Encourage your customers or members to take advantage of these alerts to monitor for potential fraud. Many financial institutions and credit card companies also offer alerts on purchases of a certain size or purchases made without the card present. Encourage customers and members to utilize this feature to quickly know if a card number has fallen into the wrong hands and minimize the damage.
Unfortunately, a username and password does not always provide adequate protection against hacking. It is not uncommon for these credentials to make their way to the dark web and into the hands of cybercriminals. To increase protections, many websites that hold important information offer the option for MFA. Instead of logging in with only a username and password, a user must provide a third piece of information to access their account.
Typically, the third piece of information comes in the form of a code sent via text or phone call to a specified number. There are also authenticator applications that serve the same purpose. While MFA may not be needed for every account, it is highly recommended for email accounts, online banking, healthcare accounts and anything that holds sensitive information.
Empowering Consumers with Cybersecurity Best Practices
If your customers or members are following cybersecurity best practices, then they are less likely to be the victim of a breach, and in turn, your institution is less likely to spend time and resources responding to the effects of the breach. In other words, a security-conscious consumer means less risk for your institution.
Download CSI's 2021 Consumer Cybersecurity Poll Executive Report to learn more about consumers' cybersecurity perceptions and how your institution should address their concerns through cybersecurity education.
Rachael Schwartz has more than nine years of experience in advising financial firms. Prior to joining CSI, she worked with some of the largest hedge funds and private equity funds in New York City as an IT and cybersecurity consultant. In her current role at CSI, she lends her expertise to community banks and credit unions, helping them maximize their technology investments and increase security while reducing their operational burdens.