The same security firm which recently discovered that sophisticated hacking group FIN8 is back again targeting U.S. businesses surveyed 1,000 consumers, weighted for the U.S. population, to examine how the increasing prevalence of financial cyberattacks and the threat of hackers targeting the U.S. financial system are impacting the mindset of consumers.
Morphisec, who counts as their customers in the financial sector such entities as the London Stock Exchange, released findings from the 2019 Morphisec Consumer Financial Cybersecurity Threat Index at the Gartner Security & Risk Management Summit.
The financial service industry is targeted 300 times more frequently than businesses in other sectors, this translates to being targeted by attackers 1 billion times per year or 2,000 times per day. In fact, in Morphisec’s December 2018 Morphisec Labs Threat Report, it was found that Banking Trojans represented 25% of all attacks, up from just over 16%.
With such high stakes in the financial services industry, Morphisec is actively working to improve defenses and protect consumer financial data and funds for financial providers and even the U.S. government.
Highlights from the 2019 Morphisec Consumer Financial Cybersecurity Threat Index include:
- Consumers believe cyberattacks on financial institutions are currently the second biggest threat to the U.S. financial system, trailing only the threat posed by an escalating trade war.
- 65% of customers say their financial service providers don’t invest enough in cybersecurity to protect their financial assets.
- Consumers believe financial service employee error and malware pose the biggest risks to their financial data.
- 57% of customers say trust in financial service providers’ cyber defenses impacts their likelihood to do business with them.
- Consumers believe private cyber defenses are better than government defenses in the financial sector.
- More than half of consumers admit they don’t use strong passwords to protect their financial accounts.
“With financial institutions facing an ever-increasing risk from advanced, evasive threats continually targeting their security controls, consumers are justified in worrying about how much their financial service providers are investing in protecting their financial data and accounts,” said Andrew Homer, VP of Security Strategy at Morphisec. “Effectively training employees on common threats and investing in innovative cybersecurity technologies are what will ultimately help mitigate the risk of sophisticated attacks and win back consumer trust.”
Download the full Morphisec 2019 Morphisec Consumer Financial Cybersecurity Threat Index here.