Almost a quarter of consumers consider cybersecurity when choosing a bank

What factors do you take into account when choosing a bank? How good the interest they offer on your savings is perhaps? Whether there's a convenient branch nearby? How easy the website is to navigate? A new study shows that 23 percent of US and UK consumers say that a bank's approach to cybersecurity is a factor when they consider opening an account.

The research from CybSafe finds that 85 percent of customers feel it important that their bank offers training about staying safe online and avoiding scams to those who want it, with 42 percent of respondents stating that such measures are 'very important'.

The report also finds that 36 percent state that cybersecurity isn't a factor in selecting their bank but that a major data breach may influence their decision.

84 percent of respondents believe banks are responsible for providing customers with resources to stay safe online and avoid scams. 85 percent of customers feel it's important for their bank to offer training about staying safe online and avoiding scams. When asked if they would use cybersecurity training if their bank offered it, 47 percent say they would. Only one in five respondents say they wouldn't, and a further third aren't sure.

Jason Nurse, director of science and research at CybSafe, says:

For customers, it's no longer sufficient for banks to view cybersecurity through the narrow lens of compliance. The findings of our latest study underscore a pivotal shift in customer expectations, reflecting a growing demand for proactive, human-centric risk management strategies. Customers recognize the critical role that banks play not only in safeguarding their financial assets but also in empowering them to navigate the complexities of the digital age with confidence.

It's becoming increasingly clear that the future of cybersecurity lies in our ability to equip both employees and customers with the knowledge and tools necessary to defend against sophisticated cyber attacks. This is not just a matter of regulatory compliance -- it's a fundamental component of building trust and ensuring the resilience of our financial institutions in the face of emerging threats.

The full report is available from the CybSafe site.

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