Understanding Security Awareness Among Bank Customers: A Study Using Multiple Regression Analysis

Abstract

Background: The banking industry has witnessed a significant rise in cyber-attacks, in recent decades, making it necessary for banks to implement effective security measures to safeguard their customers' information. One key aspect of ensuring information security is to increase customers' security awareness.

Objective: This study aims to identify the factors that significantly impact the security awareness of bank customers using a dataset of 477 customers of different ages.

Methods: The study employs multiple regression analysis with HAC standard errors to examine the relationship between seven independent variables (Age and Experience, Education and Awareness Programs, User Experience, Cyber Threat Landscape, Trust in the Bank, Personal Factors, Convenience) and the dependent variable, security awareness.

Results: The findings indicate that all seven independent variables have a significant impact on the security awareness of bank customers at a 10 percent significance level. However, personal factors and Cyber Threat Landscape are insignificant at a 1 percent level of significance.

Conclusion: The study argues that banks need to take into account all seven independent variables when designing strategies to increase the security awareness of their customers. While personal factors and Cyber Threat Landscape may not have a significant impact individually, they still need to be considered as part of a holistic approach to information security. The insignificant results of personal factors and Cyber Threat Landscape could be due to the complexity of the constructs or the limited sample size. Further research with larger samples could help to provide a more nuanced understanding of these variables' impact on customers' security awareness.