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The currency of trust: why banks and insurers must make customer data safer and more secure
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Banks and insurers enjoy a significantly higher level of trust from consumers in the cyber security of their systems than any other sector but the financial services industry is less confident in its ability to detect security breaches, this report from Capgemini reveals.
Table Of Contents
- The study of 7,600 consumers and more than 180 senior data privacy and security professionals from banking and insurance firms from eight countries (France, Germany, India, the Netherlands, Spain, Sweden, United Kingdom and United States) highlights the gap between the level of trust placed in banks by the public and the reality.
- This picture has so far not unduly affected consumers’ perceptions of the industry, with 83% of consumers trusting banks and insurers when it comes to data. While one in four institutions have reported being the victim of a hack, just 3% of consumers believe their own bank or insurer has ever been breached.
- However, with the pending General Data Protection Regulation (GDPR), this trust factor is likely to change as transparency increases as financial organisations have to reveal a data breach within 72 hours after the incident.