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Study warns of low FI cyber confidence

Feb 10
 
Tags: Capgemini
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Study warns of low FI cyber confidence

Confidence around cybersecurity and the organisation's ability to detect a breach is relatively low among banks and insurers, according to research.

Capgemini released the findings of a survey showing that only a fifth (21 percent) of banking executives are highly confident in their ability to even identify an attack, let alone defend against one.

The study involved 7,600 consumers and more than 180 data privacy and security professionals from eight countries, including the UK, India, Germany and the US. It revealed that customers tend to have much more faith in their banks and insurers than financial institutions (FIs) have in themselves.

More than four out of five people (83 percent) trust that their banks and insurance providers have strong cybersecurity. This compares to 28 percent of customers in the ecommerce sector and just 13 percent in retail and telecoms.

Nearly two-thirds (65 percent) of consumers said trust in data privacy and security was a very important factor in choosing their bank.

Just three percent of people believe their own bank has ever suffered a cybersecurity breach, which is at odds with the fact that a quarter of FIs reported experiencing a hack in the past.

Mike Turner, global cybersecurity chief operating officer at Capgemini, said: "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 cybercriminals pose, public understanding of the threats and challenges remains low."

The forthcoming launch of the General Data Protection Regulation in the EU will raise the possibility of all breaches being made public shortly after they occur.

Capgemini said this provides an opportunity for banks and insurers to focus on transforming themselves into the "digital fortresses consumers believe them to be".

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Image: Matej Moderc/iStock

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