Behavioral cybersecurity: An Evaluation study of insecure Banking data storage practices on smartphones (A Field study on Libyan bank customers)

Abstract

This study presents a methodology for assessing the level of security awareness among users of banking applications in Libya regarding the risks of insecurely storing sensitive banking data on their smart devices. It focuses particularly on a common practice among many customers: storing their banking data, such as account numbers, passwords, or even IP addresses, in their contacts or photo albums under pseudonyms or their real names. This practice is widespread among many customers, exposing this data to serious risks. The study employed a descriptive and analytical approach, utilizing an electronic questionnaire distributed to a sample of 255 respondents from various Libyan banks. The data was then processed using the open-source Jamovi software for statistical analysis. The results showed a significant increase in the prevalence of insecure data storage behavior among a large segment of the sample. The variable (P1, saving data in the contacts list) recorded the lowest mean score at 1.49, with 77% reporting a consistent or recurring practice of this behavior. Inferential tests (T-test) and ANOVA revealed no statistically significant differences based on gender, age group, or educational level, indicating that this behavior is generally widespread across all groups. The results also revealed a lack of understanding among customers regarding the risks associated with application permissions and automatic cloud synchronization, making them vulnerable to cyberattacks and hacking.

The study concluded with several recommendations for banks, including developing encrypted vaults within banking applications to eliminate the need for customers to store their data in other applications not designed for sensitive banking information. It also recommended conducting awareness campaigns to highlight the dangers of this behavior. Furthermore, the study recommended that customers use biometric authentication systems as an alternative to traditional passwords or PINs.