Banking institutions are the organizations that Spaniards trust the most against cyberattacks

84% of Spaniards say they feel secure when using their digital banking, with banking institutions being the ones that inspire the most trust among users, followed by public administrations.85% of people acknowledge receiving information on cybersecurity from their institution, but only 54% pay attention to it.

Traditional banking entities are the institutions that inspire the most confidence among users of digital channels in terms of managing and protecting their personal data, rating them 7.5 out of 10. They are followed by public administrations, online shopping platforms, and digital financial service providers, while digital entertainment platforms and social media rank at the bottom in terms of perceived security. This is one of the conclusions drawn from the first survey on ‘Cybersecurity and the usage habits of digital channels’, conducted by Sigma Dos in collaboration with CECA, analyzing users’ behavior, knowledge, and habits while using digital channels; customer exposure and protection measures against cyberattacks; and users’ assessment of banking institutions’ initiatives to combat cybercrime.

In this regard, 78% of respondents acknowledge that their institution cares about their digital security, and three out of four respondents are satisfied or very satisfied with the security measures adopted by their bank. In fact, in the event of detecting suspicious activity affecting their banking operations, Spaniards predominantly prioritize direct contact with their institution, and those who have fallen victim to cyber fraud rate the support received as noteworthy (7.2 on average).

In this sense, compared to other players in the cybersecurity ecosystem, Spaniards believe that banks are the best prepared to protect them from cyber fraud, followed by state security forces and public administrations.

Only half of Spaniards believe they could be victims of a cyberattack.

In recent years, digital channels of banking entities have consolidated as a highly useful tool for clients’ daily operations. Thus, four out of ten respondents report using digital banking daily (41%), while 88% do so at least once a week. Among the most frequent operations, checking balances of transactions takes the lead (35%), followed by online purchases (26%) and payments using Bizum (21%), the latter being the most frequently used method by young people. In this digital environment, 84% of Spaniards state they feel secure when operating through their digital banking.

Given the rise of new technologies and their use in daily life, Spaniards generally perceive cyberattacks as an increasing danger. Thus, on a scale from 0 to 10, respondents rated the threat level at an average of 8.3, with 33% assigning the maximum level (10). However, from an individual perspective, the perception of vulnerability, although still high, reduces significantly, as only half of respondents consider it probable or very probable to become a victim of a cyberattack themselves.

Regarding fraud techniques, respondents perceive the greatest threat through suspicious messages via email, SMS, or WhatsApp (73%), followed by fake calls in the name of a financial entity or well-known company (42%) and contact from unknown individuals via social media (34%).

These data reflect the rise of cyberattacks using social engineering techniques (those that exploit human error rather than a breach of IT security), where preventive technological measures prove ineffective and must be countered through awareness and training of citizens in the field of cybersecurity.

The importance of dissemination for prevention

As revealed by the Sigma Dos survey, one of the main causes of the rise in victims of cyberattacks is the lack of training among users of digital channels. Six out of ten respondents acknowledge having limited knowledge of cybersecurity, a trend more pronounced among those over 65 years old. In fact, 20% of respondents believe their institution could contact them via email, SMS, WhatsApp, or phone to request their user credentials and access passwords for their digital banking.

In light of the lack of knowledge in cybersecurity, banking institutions are focusing on creating and disseminating content with the firm purpose of promoting and providing their clients with the necessary tools to reduce their exposure to cyber fraud. Thus, 85% of respondents report receiving this type of communication from their bank, but despite the institutions’ efforts, only 54% claim to pay attention to it. By age, the younger population is the least attentive to these communications (only 33% consider them), while those over 65 years old are more receptive (67% take it into account).

Furthermore, 65% of individuals believe they take sufficient protective measures to safeguard their digital security, a figure that rises to 86% among respondents who claim to have knowledge in the area. Among the main measures, activating notifications for account movements, utilizing biometric access data, or implementing password protection measures, such as good practices involving periodically changing credentials, stand out.