- On 16 February, 2017
Banks continue to be widely trusted by consumers to be secure and good stewards of their most intimate information. A new survey highlights however, that the majority of banks either has weak security and data privacy policies, or is weak in one of the two areas. The introduction of the General Data Protection Regulation next year may disclose just how porous bank defences are, with considerable negative consequences for banks and insurers – 74% of consumers say they would consider shifting to a competitor on a breach.
As breaches become more common in cyberspace, resulting in more and more consumers’ personal, and private, information ending up on the street – consumers end up finding themselves in considerable uncertainty and, if unlucky, left behind with time consuming problems. While a number of sectors, and companies, have suffered considerable reputation damage from breaches, others continue to enjoy relatively positive consumer sentiment about their relative safety.
In a new report from Capgemini, titled ‘The Currency of Trust: Why Banks and Insurers Must Make Customer Data Safer and More Secure’, the consultancy firm explores in how far financial services institutions, banks and insurers, have developed their defences, as well as the perception of consumers about the industry as a whole. The study involved 7,600 consumers across eight countries, as well as interviews with 183 senior security and privacy professionals from global banking and insurance organisations.