Finance Industry Insights: 2017 State of Privacy and Security Awareness
From millions of dollars stolen from banks around the world, to millions of customer records accessed, financial institutions have been hit hard by cyberattacks and data breaches in recent years.
Researchers at the Ponemon Institute found that these organizations had the second highest cost per record for data breaches at $245, behind only the healthcare industry.
It makes sense, then, that industry analysts expect continued growth in cybersecurity spending for the finance industry, with some estimates putting the annual figure at $40 billion. Research shows, however, that much of this is spent on legacy security technology, like firewalls and anti-virus measures. In other words: methods that can be bypassed by focusing on weaknesses in an employee’s knowledge of cybersecurity and data privacy best practices.
So, what does the average employee at a financial institution know about cybersecurity and data privacy best practices? We wanted to find out, so we surveyed 1,000 finance employees using the same survey that underpinned our 2017 State of Privacy and Security Awareness report. Overall, we found 79% of finance workers showed at least some lack of preparedness against the eight cybersecurity and data privacy threat vectors we asked questions about. That’s higher than the 70% of the general population from our larger survey who showed a similar lack of awareness.
Check out additional analysis of our finance employee survey, including breakdowns of manager and entry-level employee responses and comparisons to our general population via the infographic below:
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Click on the image below for a full page view, or download the PDF here.