Data breaches: The gap between trust and reality
Only 19% of UK banks and insurers say they could detect one
A new report has revealed that just one in five (19%) of UK banks and insurers are confident that they could detect a data breach.
The research, revealed in the report by Capgemini, comprised of 7,600 consumers and 183 senior data privacy and security professionals from banking and insurance firms from the UK, US, France, Germany, India, the Netherlands, Spain and Sweden.
According to SC Magazine the report highlights the gap between the level of trust placed in banks by the public and the reality. When choosing their bank, 65% of consumers viewed their trust in data privacy and security as extremely significant. The gap in consumers' perception and the reality is exemplified by the fact that even though one in four financial institutions reported having been victim of a hack, only 3% of consumers believe their own bank has ever been breached.
In the event of a data breach, 74 percent of consumers said they would switch their bank and insurer. Of those who would remain with their bank or insurer if their information were compromised, over a quarter said they would be cautious about further investments.
“Consumers implicitly trust banks with their money and data, but this faith is rooted in a mistaken belief their provider can be 100 percent secure,” says Mike Turner, global cyber-security chief operating officer at Capgemini.
“While banks are evolving to combat the sophisticated threat cyber-criminals pose, public understanding of the threats and challenges remains low.”
To read the SC Magazine article in full visit https://www.scmagazineuk.com/only-19-of-uk-banks-and-insurers-say-they-can-detect-a-data-breach/article/636136