New research shows the average cost of a data breach to a company last year was $3.8 million, a 23% increase from 2013. About 84% of adults with incomes of $100K or more indicated that the security of their financial information was their greatest concern regarding their bank, as did 85% of adults who are college graduates.
According to a new survey from Computer Services (CSI), a full 80% of consumers cited their bank’s ability to ensure the safety of their financial information as their greatest concern, regardless of demographic.
While data breaches continue to plague the industry on a day-to-day basis, there are plenty of techniques banks and credit unions can adopt to not only protect themselves and their customers from falling victim to potential attacks, but also prevent customer turnover should an attack occur. The best defense strategy for today’s financial institutions is a two-pronged approach:
• Proactively protect the institution from changing security threats; and
• Develop a plan of action for both prevention and response in case a security breach occurs.
The safety of financial information topped the list of consumers’ concerns, and the survey also reveals additional focus areas banks and credit unions should consider in order to attract and retain customers. A detailed report of the survey’s findings is available for download at www.csiweb.com/2015consumerpoll
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