Cybercrime: Banks ‘Rewarding’ Bad Behaviour

Banks are “rewarding” customers for being lax about security when they refund money lost through cybercrime. The Metropolitan Police commissioner says customers should be given incentives to tighten their passwords and update anti-virus software instead. He went on to say banks could make people more security conscious by refusing to reimburse people who had failed to protect themselves.

“If you are continually rewarded for bad behaviour, you will probably continue to do it but, if the obverse is true, you might consider changing behaviour.” he told The Times.

GCHQ says that 80% of cybercrime – which costs £1 billion a year – could be prevented by more complex passwords and updated security software. According to a survey by Norton Cybersecurity last tear, two in five (44%) UK consumers have fallen victim to cybercrime but about the same number (42%) do not change their passwords after such an attack.

The idea was criticised by consumer groups such as Which?, where executive director Richard Lloyd said: “With online fraud increasing, this is an astonishingly misjudged proposal from the Met Police Commissioner”.

What are your thoughts on this proposal? Would it be enough to make you change your password and be more security conscious? Let us know your thoughts.

For the full article click here. To enquire about Todd & Cue’s Cyber Liability Insurance, contact our friendly team on 0191 482 0050.

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