Survey Shows Growing Concern Over Cybersecurity Among Canadian Bank Customers
Toronto, ON – With cyberattacks on financial institutions becoming increasingly sophisticated, more than three-quarters of Canadians (78%) express concern about cybercrime impacting online banking, according to a new survey. The poll, conducted on behalf of ISA Cybersecurity, highlights the rising fears associated with data breaches and digital fraud amid advancements in artificial intelligence (AI) and other technologies.
The survey, carried out in late September and early October by the Angus Reid Forum, polled 1,519 Canadians on their views regarding cybersecurity in the banking sector. Concerns extended beyond online banking, with 76% of respondents worried about potential data breaches at financial institutions. Of these, 22% said they were extremely concerned about the risks.
High Impact Cyber Attacks on the Rise
Kevin Dawson, President and CEO of ISA Cybersecurity, emphasized the growing urgency for financial institutions to enhance cybersecurity measures in light of recent trends. “The survey results signal an opportunity for financial institutions to boost their efforts to protect and reassure clients at a time when cybercrime against banks is increasing in frequency and complexity,” Dawson noted. He cited a report from the Office of the Superintendent of Financial Institutions (OSFI) indicating that “high impact” cyberattacks on banks have nearly tripled over the past year.
Key Survey Findings
The survey provided additional insights into Canadians’ attitudes towards cybersecurity and financial institutions:
- Over half (53%) of respondents indicated they would consider switching banks if their current financial institution experienced a data breach.
- Nearly three-quarters (73%) factored in a bank’s cybersecurity measures when deciding whether to stay with or switch financial institutions.
- A significant portion (23%) lacked confidence in their bank’s ability to protect their personal information from cyber threats.
- Despite increased awareness, only 54% of respondents reported using biometric authentication to access their financial accounts, with concerns about biometric data security being a deterrent for some.
Opportunities for Banks to Reassure Customers
Despite efforts by Canadian banks to invest in cybersecurity, 62% of survey participants stated that they rarely, if ever, received updates from their banks about cybersecurity practices. This suggests a gap in communication that presents an opportunity for banks to educate customers on how they are being protected, as well as measures customers can take to safeguard their own data.
A separate report by IBM, a partner of ISA Cybersecurity, underscores the importance of AI and automation in mitigating the financial impact of breaches. It found that organizations leveraging these technologies experience an average cost reduction of CDN$2.84 million per breach and a 54-day reduction in breach lifecycles.
Steps for Enhancing Personal Cybersecurity
The findings also reveal Canadians’ willingness to adopt additional security measures to protect their accounts. A striking 95% of survey respondents said they would be open to using extra security layers like multi-factor authentication (MFA). Furthermore, 21% expressed a willingness to pay a small fee for enhanced cybersecurity protection.
Dawson emphasized several practical steps for individuals to protect their online banking accounts:
- Use Strong Passwords and MFA: Implement complex passwords and consider MFA options such as SMS codes or authenticator apps.
- Stay Informed on Current Scams: Be vigilant against phishing and other fraudulent schemes. Resources like the Canadian Anti-Fraud Centre can help identify emerging threats.
- Regularly Update Software: Keeping devices up-to-date helps patch security vulnerabilities and reduces the risk of malware.
Call for Financial Institutions to Lead the Way
Dawson urged financial institutions to adopt cutting-edge technologies, including AI and machine learning, for real-time threat detection and response. He also recommended regular cybersecurity training for staff and robust incident response plans tested through simulations.
About ISA Cybersecurity
ISA Cybersecurity is a leading provider of cybersecurity services in Canada, offering solutions to over 500 clients in sectors ranging from finance to healthcare. The company operates a state-of-the-art security operations center in Ontario and has offices across Canada and in London, England.
Survey Methodology
The survey was conducted among a representative sample of Canadians who are members of the Angus Reid Forum. It was conducted in both English and French and carries a margin of error of +/- 2.3 percentage points, 19 times out of 20.
For more details, visit ISA Cybersecurity.