Banks still most trusted sector in terms of data protection

Banks are still the most trusted institutions to keep customer data secure, according to a survey by OneGroup and Fujitsu.

Banks are still the most trusted institutions to keep customer data secure, according to a survey by OneGroup and Fujitsu.

Although trust in banks in terms of data security has fallen from 52% to 36% over the last decade, the survey of 3,000 UK consumers found that the banking sector was still the most trusted sector overall.

The results are a blow to new entrants hoping to enter the market, such as Tesco Bank, as many are hoping to take advantage of the public’s all time low opinion of the traditional banks.

David Robinson, chief security officer for Fujitsu UK and Ireland, said: "Having your personal data stolen is like being mugged for your handbag.

"Nowadays we keep as much information in our online wallet, as we do in our purse. So it’s no surprise that consumers are beginning to wake up to the dangers that lax security can mean online."

The research also showed that only 9% of consumers have any faith in UK organisations to protect their data, with nearly a third (29%) recording a decline in trust over the last year.

Under a quarter (23%) of consumers believe banks and financial services companies use their data to deliver better customer service and the same percentage said their personal information was sometimes represented incorrectly on official communications from banks.

Although banks were still the most trusted kind of institution, consumers also seemed to be unwilling to forgive data breaches.

70% said they would switch banks if their personal information was lost in a security breach, while 43% said the same of a security breach in which other people’s data was lost and 59% said that a poor customer experience would force them to consider switching banks.

 

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