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The Importance of Authentication for Cybersecurity Defense

CSI survey finds 25% of CU members think it’s OK to reuse a password for an online bank account.

By Sean Martin | December 06, 2021 at 12:10 PM
hacker typing on computer with "password" text Source: Shutterstock

Throughout the pandemic, the financial industry has been a prime target for cyberattacks as credit unions accelerated their digital transformation initiatives. Credit unions have strengthened their cybersecurity defenses through a variety of strategies, including the implementation of cybersecurity monitoring solutions. However, the best defenses are only as strong as their weakest link, and a common vulnerability includes the actions of members.

Despite cyberattacks becoming more frequent and sophisticated, Americans are increasingly lenient with their cybersecurity practices. According to CSI’s recent cybersecurity survey, 30% of Americans believe it is OK to use the same password for an online bank account that they use for other online accounts, representing an increase of six percentage points from 2019 (24%). Further, 43% of consumers ages 18-44 believe this to be true, as well as 25% of credit union members.

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