Story image

Banking customers won't stand for subpar security, study finds

19 Feb 16

The majority of online banking customers are driven away by the knowledge of security incidents, according to a recent survey by Kaspersky Lab.

The survey, which questioned 11,000 consumers, found that 58% of respondents would avoid using a banking provider that had recently experienced a data security incident.

Despite consumers seemingly being cautious about the safety of their information and money when making online transactions, many put the onus on the provider to step up their own defences through more robust and reliable measures, the survey found.

In fact, 59% of consumers admitted that they would select a financial services provider or transact with an online store solely on the basis of the additional security measures it offered, to protect their hard earned cash and confidential data.

The research also found that nearly two thirds (65%) of consumers worry about the data security practices of companies they give their personal and financial information to – a rise of 9% on the previous year.

According to Kaspersky, this makes it all the more important for banks and retailers to demonstrate that they are doing all they can to allay these fears and make the safety of online transactions and data their top priority.

Ross Hogan, Kaspersky Lab global head of fraud prevention, says, “With more and more consumers not only using but relying on mobile banking and online payments to interact with companies and carry out transactions, there is an expectation that providers are taking adequate measures to safeguard their customers against fraud and breaches.

“Our research also found that 47% of consumers would use online payments more often if they had reliable protection for financial transactions, making it clear that providers need to do more to safeguard transactional data for the long-term profitability and reputation of their business."

JASK prepares for global rollout of their AI-powered ASOC platform
The JASK ASOC platform automates alert investigations, supposedly freeing the SOC analyst to do what machines can’t. 
Pitfalls to avoid when configuring cloud firewalls
Flexibility and granularity of security controls is good but can still represent a risk for new cloud adopters that don’t recognise some of the configuration pitfalls.
Securing hotel technology to protect customer information
Network security risks increase exponentially as hotels look to incorporate newer technologies to support a range of IoT devices, including smart door locks.
Why total visibility is the key to zero trust
Over time, the basic zero trust model has evolved and matured into what Forrester calls the Zero Trust eXtended (ZTX) Ecosystem.
Gartner names Proofpoint Leader in enterprise information archiving
The report provides a detailed overview of the enterprise information archiving market and evaluates vendors based on completeness of vision and ability to execute.
WatchGuard appoints new channel distributors in A/NZ
The appointments will enable WatchGuard to expand its regional channel reseller footprint.
Tensions on the rise after Huawei CFO arrest
“Recently our corporate CFO, Meng Wanzhou, was provisionally detained by the Canadian authorities on behalf of the United States of America."
Palo Alto Networks integrates RedLock and VM-Series with AWS Security Hub
AWS Security Hub is designed to provide users with a comprehensive view of their high-priority security alerts and compliance status.