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Views

Insider’sreport

on payments:

Consumers trust

bank security,

regulators not

so much

By Patti Murphy
ProScribes Inc.

new study by the international consultancy
Capgemini suggests consumers have more
confidence in the ability of banks to protect
A personal information from cyber-thieves
than banks have in themselves. The study – which
surveyed 7,600 consumers and more than 180 senior
security officers at banking and insurance firms in
eight countries – found banks and insurance com-
panies enjoy significantly higher levels of trust from
consumes than any other business sector.

Eighty-three percent of the consumers polled said
they trusted the cybersecurity protocols of banks and
insurers. (Just 28 percent said they trusted ecommerce
firms; retailers and telcos each received good trust
ratings from 13 percent of the consumers polled.) Yet
only 21 percent of the bank executives surveyed were
highly confident in their institutions' ability to detect
breaches, let alone defend against them, Capgemini
noted in a report titled The Currency of Trust: Why Banks
and Insurers Must Make Customer Data Safe and More
Secure.
Differing perceptions

The gap between perception and reality is exemplified
by the fact that although one in four financial
institutions have reported being the victim of a cyber-
hack, only 3 percent of consumers believe their own
bank has ever been hacked.

"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," said Mike
Turner, Global Cybersecurity Business Leader at

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