The practices adopted by banks for data security and security online activities are a key concern for consumers when deciding who to trust with their personal information data and their transactions.
Recent research of Kaspersky Lab, in which over 11.000 consumers participated, showed that 63% of Europeans would avoid using a provider who had recently experienced a data security incident.
Although consumers are seemingly cautious about the security of their information and money when they make electronic transactions, many are throwing the provider back to strengthening their defense with stronger and more credible measures.
56% of European consumers admitted that they would choose a financial services provider or would be trading with an online store solely on the basis of the additional security measures they would offer to protect their money and confidential data.
Also, the survey showed that almost the two a third (60%) of European consumers are concerned about the data security practices of the companies to which they provide personal and financial information (+6% compared to last year).
It is therefore particularly important for banks and retailers to demonstrate how they are doing their best to alleviate these fears and make their online transactions and data secure their top priority.
“With more and more consumers not only using, but relying on mobile banking and online payments, to interact with businesses and carry out their transactions, there is an expectation that providers take appropriate measures to safeguard their customers against fraud and breaches. Our research also found that 43% of European consumers would use online payments more often if they had reliable protection for their financial transactions, making it clear that providers need to do more to safeguard transaction data to ensure their long-term profitability and reputation," commented Ross Hogan, its Global Head of Fraud Prevention Kaspersky Lab.
