Pub. 7 2016 Issue 4

www.wvbankers.org 28 West Virginia Banker When it Comes to Cybersecurity and Your Bank, What Do Your Customers Think? By Steve Sanders, Vice President of Internal Audit, CSI T he threat of cybercrime seemingly escalates on a daily basis, so it’s no wonder cybersecurity looms large on the minds of today’s bankers. But, what’s the latest consumer outlook toward bank security? To help financial institutions understand the consumer point of view, CSI recently engaged global market research firm Harris Poll to conduct an independent survey of more than 2,000 randomly selected consumers, age 18 and above, nationwide. They responded to ques- tions surrounding attitudes toward vari- ous banking topics, including questions that centered on security. To be sure, consumer confidence in a financial institution can be shaken by a data breach. Consumers trust institu- tions with their most sensitive financial and personal details and, in turn, expect their information to remain secure. Breaches—particularly digital intru- sions—have risen over the past several years. Javelin Strategy & Research estimates more than $112 billion was lost over the past six years due to var- ious forms of fraud and identity theft. There’s little reason to believe that such threats will decrease in the near future. And yet, despite the growth in cyber threats, consumers have high regard for how well financial institutions protect their information and assets. In the poll, 78 percent of respondents said they either somewhat or strongly agree that their institution can protect them from hackers and thieves. These high marks were generally consistent across age, gender and region of respondents’ residence. In short, financial institutions have done a remarkable job in building trust among consumers in their ability to pro- tect information and assets. The survey data suggests that organizations should continue these efforts, in particular by focusing on: