Cybersecurity Risks and Customers’ Protective Behavior on Usage of Mobile Banking Services:

Abstract

Cybersecurity threats rise as more people use mobile applications to access their bank accounts. This study examined customer’s protection motivation on cybersecurity risks and usage of mobile banking services in Tanzania. A survey of 478 commercial bank customers was conducted using questionnaire and key informant interviews. The relationship between mobile banking customers' protection motivation of cybersecurity and how it affects their use of mobile banking services was analyzed using partial least squares structural equation modeling (PLS-SEM). The results indicate that perceived threat, perceived severity, data confidentiality, self-efficacy, and cybersecurity awareness have significant influences on mobile banking customers on use of mobile banking services. The results of the study are in line with Protection Motivation Theory (PMT) because of the fact that five out of seven constructs derived from risk appraisal and coping appraisal were found to influence use of mobile banking services. The study concludes that protective behavior on usage of mobile banking services by customers depends on cybersecurity threat appraisal and coping appraisal. However, perceived susceptibility and perceived integrity had no effect. It is recommended that banks should make an investment in educating users about the mobile banking service by providing guidance and information, which will lessen the impact of cybersecurity concerns.