Global: Do consumers trust banks on cybercrime?

Cybercrime has been described as a “pandemic” for businesses – one where “organized, tenacious” digital bad guys target companies to drain them of their money and valuable data. But are consumers as worried about it as security experts?

Data from YouGov (featured in Bloomberg News) from across 17 global markets indicates that, when it comes to banks, most consumers have some concerns about their ability to handle cybercrime. When asked about personal information, over half (55%) say they are either fairly or very worried about whether these institutions can keep their details safe from cybercriminals. In Mexico (75%) and Indonesia (76%), this rises to three-quarters of respondents; on the other end of the scale, Swedish (36%) and Danish (27%) consumers are much less likely to express concern.

Beyond data breaches, half of the public (52%) are worried that their banks won’t be able to prevent cybercriminals from stealing their money. Again, this is highest in Mexico (77%) – although France (72%) and Spain (70%) take second and third place respectively.

Once more, the Nordic countries are most relaxed: three in ten Swedes (31%) and a quarter of Danes (25%) say they are worried about whether banks can effectively safeguard them. Sweden and Denmark may be less likely to report concern because banks in these countries have collaborated with the government on their digital security systems.

Consumers in Asian markets are, on the whole, more likely to be concerned about their money than consumers in other regions. Hong Kong is the Asian nation in our study where consumers are least worried, but they are still evenly split in terms of concern (47% worried; 47% not worried). At the top of the regional table, 69% of Indonesian consumers are worried, as are 68% of Indians.

Methodology

The data is based on the interviews of adults aged 18 and over in 17 markets. All interviews were conducted online in August 2021. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples.

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