Research from CybSafe has unveiled that consumers place the highest trust in the banking industry when it comes to safeguarding sensitive data.
The study, encompassing 1,000 consumers from both the UK and the US, delved into the impact of various sectors’ cybersecurity policies on customer decisions and perceptions.
The findings underscore a significant level of confidence among respondents towards the banking (71%), healthcare (61%), and legal (69%) sectors regarding their cybersecurity measures. However, in contrast, in-person retailers (16%), dating apps (8%), health and wellness providers like gyms (17%), and travel companies (18%) struggled to inspire similar levels of trust.
Cybersecurity is increasingly emerging as a pivotal factor in consumer decision-making processes, reflecting heightened concerns surrounding data protection and privacy. The research sheds light on a growing expectation for organizations to demonstrate robust cybersecurity policies to alleviate consumer apprehensions.
Contrary to common assumptions, the research reveals that the size of a business has minimal impact on customer behavior following a data breach. While larger corporations may attract more media attention, customers exhibit comparable tendencies to switch providers, regardless of the organization’s size. Notably, 34% of respondents indicated a likelihood of switching providers irrespective of the size, while only 12% expressed loyalty to their current service provider regardless of a breach.
The study also highlights the significance of the type of data compromised in influencing consumer confidence in service providers. Sensitive information such as fingerprint/biometric data, credit/debit card details, social security/national insurance numbers, passport numbers, and passwords were identified as crucial factors impacting consumer trust. In contrast, data considered less critical, such as addresses, emails, dates of birth, phone numbers, and names, had a comparatively lower impact on consumer confidence.
Reacting to the research findings, Oz Alashe MBE, CEO of CybSafe, remarked, “Consumer expectations surrounding cybersecurity readiness at service organizations are changing. While customers feel financial institutions, legal services, and healthcare providers are generally doing a good job of prioritizing security, there is a growing demand for all industries to move beyond compliance towards a more holistic approach.”
“This research gives important insights into shifting consumer behaviors, emphasizing how customers want to feel empowered through their provider to confidently navigate the digital age. Cybersecurity in banking is no longer just about protection. For an increasing number of customers, it’s a market differentiator.”
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