Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

THREE-QUARTERS OF UK ADULTS WOULD WALK AWAY FROM A BUSINESS THAT HAS BEEN HACKED

THREE-QUARTERS OF UK ADULTS WOULD WALK AWAY FROM A BUSINESS THAT HAS BEEN HACKED
  • Centrify study shows only half think companies take enough responsibility for customers’ security
  • Banks and HMRC perceived as best at dealing with hacks, while retailers and travel sites are below par

A new study from Centrify, the leader in securing enterprise identities against cyberthreats, reveals that 75 per cent of adults in the UK would stop doing business with, or would cancel a membership to, an organisation if it was hacked. This suggests, however, that a quarter would carry on using that company, despite the security risks to both personal and financial information.

The study of 2,400 people across the UK, Germany and the US, looks at consumer attitudes towards hacking and how likely consumers are to continue transacting with businesses, including retailers, banks, government, travel, health and hospitality organisations, after a cyber attack.

To some degree, most consumers expect to be hacked today, with 73 per cent in the UK admitting that it has become normal or expected for businesses to be hacked. Despite this, only half feel that they are taking enough responsibility for the security of their customers’ or members’ personal information.

Most people believe that the burden of responsibility for security falls to the business. About two-thirds in each country rated organisations as a 9 or 10 on a 10-point scale in terms of how responsible they should be for preventing hacks and securing the personal information of their customers.

Individuals most likely to take their business elsewhere following a data breach include those who have had their personal information compromised in a hack previously, people who are tech savvy and who shop regularly online.

“If three-quarters of customers are prepared to walk away from a business if it has been compromised, then what kind of message is this sending to those organisations?” says Bill Mann, Chief Product Officer at Centrify. “We would say that it is a very clear call to action to those businesses to sort out their processes and do everything they can to protect confidential customer information.

“When companies put customer data at risk they are really putting their entire business at risk. People simply will not tolerate doing business with potentially risky organisations, so it’s time for them to take full responsibility for their security and put the proper measures in place once and for all,” Mann adds.

Banks and tax office good, retailers and travel sites bad

According to the survey, financial institutions have the best reputation when it comes to dealing with security breaches compared to other sectors. They top the list of seven different industries in terms of how well they handle security issues for their customers, although government/local government and HMRC come in a respectable second. Worryingly, retailers rank fourth and travel sites fifth in each country, while membership and hospitality businesses are the lowest ranked.

The Centrify study also shows that organisations are increasingly going public with news of security attacks and data breaches, often notifying their customers directly. Around one third in the UK have been notified of a hack. Of those notified of a hack, less than half (45 per cent) of those in the UK found out that their personal information, such as an address or credit card information, had been compromised.

Monitoring bank transactions and changing passwords – both with the hacked organisation and on other sites – are the most common steps suggested by organisations after advising customers of a hack. It is less common for a business to recommend that customers request any kind of alerts, such as a fraud alert, or to consider a security freeze, or implement multi-factor authentication.

The Centrify study and infographic can be found at: www.centrify.com/identity

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post