Americans Trust Banks the Most with their Data, Survey Says

People trust financial institutions more than any other type of organization, according to a recent study from nCipher Security. While more than half of the survey’s respondents said that they trusted banks in particular to protect their data, only 23% trusted legal organizations while only about 20% trusted their cellular provider or the government. Although the survey indicated that people generally trust banks, their trust can be lost if they’re not in control of their data. Over half of the survey’s respondents said that they would lose trust in their bank if they weren’t alerted of a hack within 24 hours. In the same vein, 49% of those surveyed said they would lose trust in their banks if they didn’t seem to be in control of their data’s security.

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Survey respondents said that they trusted financial institutions more than any other type of organization

Aside from financial, legal, cellular, and government institutions, consumers have the most trust issues with digital payments, especially if they’ve been hacked in the past. Almost 60% of the survey’s respondents said that they wouldn’t trust digital payments if their accounts showed charges they didn’t make, meaning they were compromised in some way. Over a third said that this would lead them to stop using digital payments in general. In accordance, 46% of respondents said that online shopping raises the most cybersecurity concerns for them.

“Organizations that want to maintain the trust they’ve 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,”

said Peter Galvin, Chief Strategy Officer at nCipher Security.

Previous surveys from nCipher Security have found that most Americans fear identity theft. Almost one in five of the people surveyed said they had been victims of cyberattacks, and over a third said they wanted control of their personal data. The fear is not limited to consumers, but also extends to cybersecurity professionals. A recent study from Neustar found that three-quarters of cybersecurity professionals are worried about leaked company information, even though they have solutions in place to fight bot traffic. Given the commonality of cyberattacks, many Americans are pushing for federal legislation for data protection.

Aliza Vigderman

Aliza Vigderman

Aliza is a journalist living in Brooklyn, New York. Throughout her career, her work has spanned many intersections within the tech industry. At SquareFoot, a New York-based real estate technology company, she wrote about the ways in which technology has changed the real estate industry, as well as the challenges that business owners face when they want to invest in property. At Degreed.com, an education technology website, Aliza created digital content for lifelong learners, exploring the ways in which technology has democratized education. Additionally, she has written articles for The Huffington Post as well as her own content on Medium, the online publishing platform. Aliza’s love of journalism and research stems from the excellent Journalism program at Brandeis University. At Brandeis, Aliza interned as a research assistant at the Schuster Institute for Investigative Journalism, a non-profit “news room without walls”. There, Aliza was paired with an investigative journalist and used academic databases to obtain data on everything from the suicide rates in Bhutan to local Boston court cases. Her last position was as an account executive at Yelp, educating business owners on the power of technology to increase revenue. Throughout, however, her heart remained with tech journalism, and she’s thrilled to be writing for Security Baron. When she’s not keeping afloat of the latest tech trends, Aliza likes to cook, read, and write. A former high school “Class Clown,” Aliza has completed two feature-length screenplays, a pilot, and countless comedic sketches. On her days off you can find her relaxing in Prospect Park, trying the latest flavors at Ample Hills Ice Cream, and spending time with friends and family.

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