authID 2nd Annual Fintech Cybersecurity Survey Report

authID is pleased to share the results of its Second Annual Fintech Cybersecurity Survey, conducted to assess prevailing attitudes and perceptions on identity authentication solutions and uncover data-driven insights about current and emerging trends in enterprise security.

With highly valued assets and data, the fintech sector is frequently targeted by social engineering scams, phishing, and account takeovers that target human vulnerabilities. These attacks can cause significant damage to reputation, positioning, and market trust. A brief summary of our findings can be found below. Click here to read the full report.

Key Findings

  • More than 80% of cybersecurity professionals at financial services and technology companies are worried about the daunting task of protecting both workforce and customer applications from these ever-increasing cyber threats.
  • Almost 2/3 of fintech organizations still rely on vulnerable, often-phished passwords and legacy multi-factor authentication for their customer and workforce applications. And 15% use no multi-factor authentication.
  • Nearly one-third (29%) of organizations have launched passwordless solutions, up from 22% last year. 80% of organizations indicated they are likely to evaluate solutions that eliminate the risks and costs of passwords and legacy MFA.

With increasing cyber-challenges top of mind, the fintech cybersecurity professionals we surveyed remain committed to safeguarding their organizations and customers. Deploying solutions that conform with the federal government’s mandates for strong authentication that includes identity-plus-device authentication will play a key role in accelerating zero trust strategies.

Economic uncertainty in the technology sector, however, may make cyber-professionals’ jobs even harder, with recessionary headwinds potentially impacting IT budgets. Our survey findings provide valuable insights into the strategies and tactics cybersecurity leaders are using to deploy security that tackles the human element.

Benchmarking against peers is an important step in cyber-planning. We hope our 2023 Fintech Cybersecurity Survey offers insight on how organizations are thinking about the cybersecurity landscape and helps companies tackle mounting challenges in 2023. 

Read the full survey report here.