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Comments Off on Only 19% of UK Banks and Insurers Say They Can Detect a Data Breach

Only 19% of UK Banks and Insurers Say They Can Detect a Data Breach

Posted by Admin | February 6, 2017 | IT Security

Only one in five (19 percent) UK financial service organisations are highly confident they can detect a data breach (21 percent globally).

A new report from Capgemini highlights the gap between the level of trust placed in banks by the public and the reality. The research was comprised of 7600 consumers and 183 senior data privacy and security pros from banking and insurance firms from the UK, US, France, Germany, India, the Netherlands, Spain and Sweden.

When choosing their bank, 65 percent of consumers view 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 three percent of consumers believe their own bank has ever been breached.

In the event of a data breach, 74 percent of consumers would switch their bank and insurer. Of those who would remain with their bank or insurer if their information were compromised, over a quarter say 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. While banks are evolving to combat the sophisticated threat cyber-criminals pose, public understanding of the threats and challenges remains low,” said Mike Turner, global cyber-security chief operating officer at Capgemini.

The evolving nature of the threat and lack of clarity among leaders may explain why 71 percent of organisations do not have a balanced security strategy nor strong data privacy practices.

While GDPR compliance will be essential in just over a year, only 32 percent of executives described their organisation as having made strong progress in implementing the draft guidelines.

In commentary to SC Media UK, Lisa Baergan, director at NuData Security said, “Customer loyalty is the lifeblood of banks, and the fact that they must have security in place has many of them looking to implement physical biometric solutions that can offer a more secure authentication at login and are a visible gatekeeper that reassures the customers. FIs are also implementing security behind the scenes, like passive biometrics, that are transparent to customers and offer highly accurate identity verification and account-based protections based on user behaviour analysis. The real win for consumers and banks in the constant drive to balance experience and security is the multi-layered approach that offers multiple layers of defence.”

Source: scmagazineuk

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