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.
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.