80% of customers lose trust in their bank ...

80% of customers lose trust in their bank …

January 13, 2015

According to a survey conducted jointly by B2B International and Kaspersky Lab, a large majority of respondents said that a bank’s reputation for protection against cyber threats was an important factor when choosing a financial institution. However, less than 50% of financial companies consider the loss of trust and reputation as one of the most serious consequences of a computer incident.

The survey results show that several of the clients are dissatisfied with the quality of protection provided by their financial partners. Only 53% of respondents believe that their financial partners are doing everything possible to protect their clients’ financial information. At the same time, in the last year, about 41% of finance companies and 48% of e-commerce operations lost financial information due to cybercrime.

These cases can damage the relationship between financial institutions and their main clients, many of whom consider information security a critical factor. The survey found that 74% of companies say they choose a bank based on its reputation for cybersecurity; even more companies (82%) are willing to consider leaving a bank that suffers data loss.

In contrast, only 47% of financial companies and 40% of companies working in the e-commerce sector mentioned the loss of reputation and trust among the three most damaging consequences caused by cybersecurity incidents. However, the survey also shows that financial institutions that reliably protect payments retain customer loyalty and increase revenue. 53% of the companies included in the study said they were willing to pay more for reliable protection than to support their financial transactions. Notably, among small businesses that figure represents 43%, while among large businesses, 64% are willing to pay additional costs for their financial security.

“In a highly competitive market, financial companies must value each of their clients. News of a data breach or customer uncertainty regarding information security at a bank can upset the professional relationship. We advise financial institutions to have a personalized relationship with their clients, such as installing specialized security solutions on computers and mobile devices, “said Ross Hogan, Global Director of the Fraud Prevention Division at Kaspersky Lab.

Kaspersky Lab has developed the special Kaspersky Fraud Prevention platform for fraud prevention for companies specializing in financial services and e-commerce. The platform integrates applications specially designed to protect financial transactions on computers, as well as the Kaspersky Fraud Prevention Mobile SDK tools that allow banks to create their own security applications for their clients’ mobile devices.

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