Data and online security practices of banks are a key concern for consumers when deciding who to entrust with their personal data and transactions. A recent survey of over 11,000 consumers commissioned by an IT security product company found that over half (58 per cent) of the respondents would avoid using a provider that had recently experienced a data security incident.
Despite consumers seemingly being cautious about the safety of their information and money when making online transactions, many put the onus on the provider to step up their own defences through more robust and reliable measures, says Kaspersky Lab. 59 per cent of consumers admitted that they would select a financial services provider or transact with an online store solely on the basis of the additional security measures it offered, to protect their hard earned cash and confidential data.
The research also found that nearly two thirds (65 per cent) of consumers worry about the data security practices of companies they give their personal and financial information to – a rise of 9 per cent on the previous year. This makes it all the more important, the IT product firm says, for banks and retailers to demonstrate that they are doing all they can to allay these fears and make the safety of online transactions and data their priority.
Kirill Slavin, General Manager, UK and Ireland at Kaspersky Lab, said: “Consumers entrust all sorts of valuable information to businesses – such as contact details, passwords and financial data – all of which are golden nuggets to a cybercriminal. Companies holding such data have the responsibility of keeping it safe and making sure it doesn’t fall into the wrong hands. With our research revealing that 47 per cent of consumers would use online payments more often if they had reliable protection for financial transactions, it is clear that providers need to do more to safeguard transactional data for the long-term profitability and reputation of their business.”
