Consumers tell banks: Protect our data or else!

Source: National Cyber Security – Produced By Gregory Evans

Consumers have a stern warning for banks: Keep our data safe or we’re through. That’s according to a survey of more than 1,000 Americans conducted for public relations and communications firm Makovsky by market researcher Ebiquity in March. The survey results will be released later Thursday. Nearly three-quarters of the survey’s respondents said they would likely switch to another financial services provider if their financial or other personal information were stolen by cybercriminals. “Consumers strongly believe that if their data and personal information is compromised in any way, they probably would pull out their money and move it to another bank,” said Scott Tangney, executive vice president at Makovsky. That could be bad news for big banks given that there have been more and more high-profile data breaches lately. Fortunately, financial firms realize that they must do a better job of protecting their customers. What the bankers say: Ebiquity also surveyed 227 marketing and communications executives at large and mid-sized financial services institutions. More than 80% of them admitted that fighting cybercrime will be one of the biggest issues they face in trying to restore their reputation with consumers over the next few months. This is the fifth annual survey […]

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