Capgemini released a new report which stated that only one in five (19%) UK financial service organisations are highly confident they can detect a data breach (21% globally).
Commenting on this, Lisa Baergen, Director at NuData Security “The verdict is still out on whether customers trust their banks. There are many contrary reports that state trust is at an all-time low and differs on many factors. The Capgemini research does point out that this trust isn’t extended to the financial services industry by either their customers or their own executives. It may be the case that the perception doesn’t always match reality. Regardless, remaining faith in bank security will undergo a strong test when the new GDPR regulations that compel banks and FIs to reveal their breach records within 72 hours of an event are released in a year. Many banks may find themselves in a position of living up to their value proposition – safety and security first. They’ll be held to account in an increasingly sophisticated and hostile threat environment where they are constantly attacked and under more scrutiny. Consequently, banks and FIs are seeking to meet the expectations of customers who they know, as this study highlights, won’t hesitate to drop them if there is a security lapse.
“The big elephant in the room is that FIs must step up to the challenge of providing real security options that work or else face the wrath of customers who aren’t likely to take it kindly when they have their perception of reality burst with news of breach after breach.
“Customer loyalty is the lifeblood of banks, and the fact that they must have security in place has many of them looking for solutions that can provide a real sense of safety and security. Why the banks are looking to implement physical biometric solutions that can offer a more secure authentication at login and are a visible gatekeeper that reassures the customers. FIs are also implementing security behind the scenes, like passive biometrics, that are transparent to customers and offer highly accurate identity verification and account-based protections based on user behavioural analysis. The real win for consumers and banks in the constant drive to balance experience and security is the multi-layered approach that offers multiple layers of defence.”
About the Author
The opinions expressed in this post belongs to the individual contributors and do not necessarily reflect the views of Information Security Buzz.
