October is National Cybersecurity Awareness Month

January 20, 2014

There Are 12 Victims Per Second of Cybercrime Around the World

Doug Johnson, Senior Vice President, Risk Management Policy, American Bankers Association

(Washington, D.C., Thursday, October, 2, 2014)
– October is National Cybersecurity Awareness Month.  Since the internet is such a powerful tool, it is time for Americans to learn how to protect themselves from fraud, identity theft and other online scams. According to the 2013 Norton Report, there are 12 victims per second of cybercrime around the world.

The financial services industry is the gold standard of cybersecurity.

  • Banks and other financial services companies have made cyber security a top priority.
  • Banks have the highest level of security among critical U.S. industries such as banking, energy and telecommunications and the most stringent regulatory requirements. 
  • It is important to build a cybersecurity environment that does not conflict with existing regulatory requirements or become a compliance exercise.

Protecting your money is a partnership.

  • The bank and the customer have to work together to prevent fraud.
  • Banks use a combination of safeguards to protect your information, such as employee training, strict privacy policies, rigorous security standards and encryption systems.
  • Customers should monitor their accounts regularly and alert the bank right away if they suspect they are a victim of fraud.

Consumers are protected against losses.

  • When a customer reports an unauthorized transaction, the bank will cover the loss and take measures to protect your account. 
  • The banking industry is committed to continuing its tradition of safeguarding confidential financial information.

Additional resources for consumers:

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