Consumers have concerns about cybersecurity, value education on best practices

Nearly three-quarters of consumers (74%) would be likely to participate in a cybersecurity awareness or education program from their financial institution if they offered it.

The survey conducted by The Harris Poll on behalf of Computer Services also found that an overwhelming majority of consumers (92%) have concerns about the security of their personal confidential data online.

The poll ran online July 1-3, 2019, and it represents feedback from more than 2,000 U.S. adults ages 18 and older about their security concerns, beliefs and practices.

According to the results, more than half of consumers (56%) believe that a person’s payment information is more likely to be compromised when using a debit card versus a credit card.

Additionally, about one-quarter of consumers (24%) believe it is okay to use the same password for an online bank account that is used for other online accounts. Surprisingly, younger adults are more likely to believe this than their older counterparts (36% of those ages 18-34 vs. 19% of those ages 35+).

“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,” said Kurt Guenther, group president for CSI Business Solutions.

“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.”

Taking a proactive approach to cybersecurity education also can help banks and credit unions increase customer retention. Over half of consumers (58%) indicate they would leave their financial institution if it suffered a data breach and customer information was stolen or hacked.