nCipher Survey Reveals Americans Trust Banks Most With Their Personal Data

nCipher Security, the provider of trust, integrity and control for business-critical information and applications, reveals new research indicating that people trust banks and other financial entities to safeguard their personal data more than other organizations. The findings also illustrate how easily that trust can be eroded, along with Americans personal data protection concerns relative to banking and digital payments.

Consumers trust banks most

The nCipher survey results show that people trust the financial sector in general and their banks in particular more than any other industry vertical or organizations that touch their data. A third of those surveyed said they trust financial services organizations most to protect their personal data. More than half (52%) said they trust their banks specifically to protect their data.

This indicates that people place much higher trust in banks and other financial institutions than they do in other business verticals and the public sector. Less than a quarter (23%) of those surveyed trust organizations in the legal profession to handle their data. And only about 20% of nCipher survey participants said they trust their cellular provider or the government to secure their personal data.

But trust can be fleeting

While the nCipher survey results indicate people have relatively high trust in banks, the research also illustrates that trust can be fleeting. Its easy for trust to be eroded or disappear completely.

Financial institutions can retain that trust by building customer confidence that they have things under control. Part of that involves sharing relevant information with customers, so consumers feel more in control. More than a third (34%) of Americans surveyed said they trust companies that provide them with a feeling of control.

In addition, nearly half (49%) of those surveyed said they would lose trust in their bank if it didnt seem in control of data security. And more than half (53%) said their trust in digital payments would erode if their bank didnt notify them of a hack within 24 hours.

Digital payments are a sore point

Trust related to digital payments is a particularly thorny issue. People who have been hacked in the past are especially sensitive.

Nearly 60% of respondents to the nCipher survey said they would distrust digital payments if their account was compromised and showed charges they didnt make. A third (33%) said such a scenario would prompt them to stop using digital payments entirely.

Trust in online retail purchases is low

Almost half (46%) of survey participants said they worry about cybersecurity the most when they buy something online. When asked what organizations they trust most to protect their personal data, the survey group ranked ecommerce from brick-and-mortar retailers lowest (6%). Even the government (20%) and cellular providers (19%) are trusted more.

When asked about their trust in individual companies, popular social media companies came in last.

Overall anxiety is high

These specific trends are part of a larger picture illustrating the publics high anxiety related to identity theft and personal data security. The nCipher research also revealed that:

  • 68% of Americans said they fear identity theft
  • 62% said they want companies to make security more reliable
  • 38% of those surveyed said they believe a hack should be a federal offense
  • 20% of individuals said they suffer from security fatigue and dont trust anyone to protect their personal information

Peter Galvin, Chief Strategy Officer at nCipher Security says Banks and other financial organizations are in a relatively strong position when it comes to consumer trust related to personal data privacy and security. But, as the nCipher research illustrates, people are generally on edge when it comes to protecting their personal data. Organizations that want to maintain the trust theyve worked so hard to build “ and those that need to win back customer confidence “ must make sure they have the protection in place to safeguard customer data. That involves creating cybersecurity strategies that employ well implemented privacy-by-design mechanisms such as encryption to keep customers personal data safe and retain their trust.

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About nCipher Security

Todays fast-moving digital environment enhances customer satisfaction, gives competitive advantage and improves operational efficiency. It also multiplies the security risks. nCipher Security, a leader in the general-purpose hardware security module (HSM) market, empowers world-leading organizations by delivering trust, integrity and control to their business-critical information and applications.

Our cryptographic solutions secure emerging technologies “ such as cloud, IoT, blockchain, and digital payments “ and help meet new compliance mandates, using the same proven technology that global organizations depend on today to protect against threats to their sensitive data, network communications and enterprise infrastructure. We deliver trust for your business-critical applications, ensuring the integrity of your data and putting you in complete control “ today, tomorrow and at all times.

For more information please contact:

nCipher Security
Megan Nemeh [email protected]
+1 408 887 5064
Liz Harris [email protected]
+44 7973 973648

US media
Bospar PR [email protected]