Five key survey findings:

The study revealed 42% of financial institutions predict that within three years, mobile banking will be the main form of customer interaction for servicing accounts and that emerging risks related to mobile banking expose them to new cyberthreats.
Customers played an important role in identifying 2016 security incidents with almost 25% of financial institutions reporting accountholders alerted them to 2016 incidents. Even so, there is a need for more cybersecurity education around safe online behavior. Nearly half of the financial institutions surveyed admitted customers frequently experienced phishing attempts, with 70% reporting financial fraud incidents as a result.
Rising phishing and social engineering attacks on customers have caused credit unions and banks to reassess their security efforts in this area. Sixty-one percent of respondents see improving the security of apps and websites as one of their main security priorities, closely followed by the implementation of more complex log-in authentication and verification methods.
Financial institutions report significantly fewer security events than companies of the same size in other industries with one exception, targeted attacks and malware. Still, 59% of financial firms have yet to embrace third-party threat intelligence to help thwart such incursions.
Financial institutions show comparatively low levels of concern regarding the threat of financial loss due to attacks on ATMs, notwithstanding their high susceptibility to attacks of this nature. Only 19% percent are concerned with attacks on ATM and cash withdrawal machines, even with the growing rate of malware targeting these devices. In the 2016 threats review Kaspersky reported a 20% growth in ATM malware compared to 2015.

Instant Insights /

Mobile Banking Among Five Top Security Risks: Survey

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