4 Key Trends in Financial Security
Information technology company Unisys released its annual Security Index, which examines consumer concerns regarding security in a number of areas, including financial security, internet security and personal security.
According to Unisys, the Security Index for the U.S. this year stands at 120, which is a moderate level of overall concern. The Index has dropped significantly from its 2012 value of 131 and represents the lowest level of concern since the survey was inaugurated in 2007.
Here are some other notable findings from the Index related to financial services security concerns:
1. Data Breach Fears
Despite an moderate level of concern overall related to security, the Index found that U.S. consumers are still wary of a data breach involving their financial institution. According to Unisys, 66.7% of Americans are seriously concerned about a data breach involving banks or other financial institutions. According to the Index, data breaches involving government and health organizations are also prime fears.
2. Concerns About Cards
Unisys reports that 52% of Americans are seriously concerned about other people obtaining and using their credit or debit card. That figure is down from 56% in 2012.
3. Online Banking, Commerce is Trusted
On the other hand, Americans feel much more secure about their online banking and e-commerce. Only 33% of U.S. consumers said they are seriously concerned about the security of shopping or banking online. That figure is down from 39% who were seriously concerned in 2012.
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4. Government and Cybersecurity
Unisys also asked those polled on the role government should play in cybersecurity. Unsurprisingly, Americans do not agree regarding the government's role in cybersecurity. Unisys's Security Index reveals that 46 percent of Americans want private businesses such as banks, utilities and healthcare organizations to share cybersecurity attack information with the government, but 48% do not. Some see this as a natural extension of maintaining public security; others do not like government intruding in the private sector. The research also shows that young adults (25-34) and college graduates are most likely to support such a requirement.
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio