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US financial institutions see peer-to-peer fraud and other digital fraud as the biggest cybersecurity concern in 2023.

It was cited by 29% of respondents in a survey by Computer Systems Inc. (CSI), followed by data breaches (23%), ransomware (20%) and a breach at a third party (15%). 

Industry respondents also expressed concerns over identity theft at 4%, unavailable or unaffordable cyber insurance at 4%, geopolitical risks at 3%, DDoS attacks at 2% and website defacement at 0.9%, according to CSI’s annual survey of the financial sector. It received responses from 228 banking executives, 171 of them at vice-president level or above. 

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