One in five consumers worldwide use four or more financial technology applications, and of these FinTech adopters, 63% protect all their devices with security software
ESET, a global leader in cybersecurity, has announced today its global Financial Technology (FinTech) research, surveying over 10,000 consumers and senior business leaders across the UK, US, Australia, Japan, Mexico and Brazil. Respondents from both consumer and business perspectives were asked a series of questions on the topics of financial technology, cybersecurity and their impacts on securing finances in a COVIDian world, particularly in light of the coronavirus lockdowns.
The project seeks to examine a range of themes in relation to experiences with Financial Technology for both consumers and businesses, including concerns around the security of finances, transactions and financial data, current FinTech application usage and attitudes, and business perspectives on the future of FinTech solutions in a post-COVID world.
The consumer segment of the survey has revealed that 50% of Australian consumers use between one and five FinTech applications, but that while 85% of respondents have security software installed on at least one device, less than half have it on all their personal devices. Meanwhile, 40% of people log in and use financial accounts while connected to public Wi-Fi hotspots or other open networks, and 46% do not use a VPN while 38% of people do not use a password manager. The age group with the highest usage of password managers is those in the 35-44 range. This is of particular concern because young Australians are among the biggest adopters of FinTech applications. Over a third (36%) of 18-24-year olds manage their bank account solely via app and 24-25 year olds have the highest rate of managing their bank accounts online at 95%.
As our lives become increasingly digitized and we embark on COVID recovery journeys, it is imperative that the devices and technologies we use to share our most sensitive financial information are protected to the highest standard.
ESET Australia Country Manager Kelly Johnson commented, “The way Australians approach using banking and other other financial services has changed dramatically in recent years and the majority of users are comfortable from a security point of view when using FinTech apps while also finding these apps give them a better experience. But it’s important that consumers don't take security for granted or assume that the apps they use are inherently secure or free from flaws. Use security apps, avoid public Wi-Fi for sensitive transactions and be mindful of the data these apps may be collecting and what they’re doing with it.”
Financial Technology will play a critical role in personal and societal economic recovery in the wake of COVID-19, and it has never been more important that FinTech solutions are adequately protected. The safety and security of consumers and businesses is central to ESET’s core values, and the global survey has been undertaken in order to pinpoint the emerging and current technologies that are central to people’s lives and the attitudes they hold towards them. The wider study investigates other technologies, including cryptocurrencies and bitcoin, blockchain, online-only banking and more.
Ignacio Sbampato, Chief Business Officer at ESET, commented, “We pride ourselves on being at the forefront of technological innovation and security insights, and this project is a reflection of that. Our global Financial Technology survey will enable us to explore attitudes towards emerging and established technology and inform our offerings to both consumers and businesses to ensure they are always protected to the highest standard. We want to help people, both personally and professionally, to understand and combat the risks that come with using any kind of technology, and to do that, we must keep our finger on the pulse of global technology trends.”
Starting with this release, ESET’s research into FinTech adoption in the COVIDian world across both consumer and business markets, various user demographics and geographic regions will share a diversity of perspectives via press releases, interviews and blog posts. The bulk of this research will come out throughout the early months of 2021. To read more about what we’ve found, please visit https://www.eset.com/blog and www.welivesecurity.com. To learn more about ESET, click here.
About ESET
For more than 30 years, ESET® has been developing industry-leading IT security software and services to protect businesses, critical infrastructure and consumers worldwide from increasingly sophisticated digital threats. From endpoint and mobile security to endpoint detection and response, as well as encryption and multifactor authentication, ESET’s high-performing, easy-to-use solutions unobtrusively protect and monitor 24/7, updating defenses in real time to keep users safe and businesses running without interruption. Evolving threats require an evolving IT security company that enables the safe use of technology. This is backed by ESET’s R&D centers worldwide, working in support of our shared future. For more information, visit www.eset.com or follow us on LinkedIn, Facebook, and Twitter.