nCipher Survey Reveals Americans Trust Banks Most With Their Personal Data

But about half said a cyberattack or lack of a hack notification
would erode that trust

, the provider of trust, integrity and control for
business-critical information and applications, reveals new research
indicating that people trust banks and other financial entities to
safeguard their personal data more than other organizations. The
findings also illustrate how easily that trust can be eroded, along with
Americans’ personal data protection concerns relative to banking and
digital payments.

Consumers trust banks most

The nCipher survey results show that people trust the financial sector
in general and their banks in particular more than any other industry
vertical or organizations that touch their data. A third of those
surveyed said they trust financial services organizations most to
protect their personal data. More than half (52%) said they trust their
banks specifically to protect their data.

This indicates that people place much higher trust in banks and other
financial institutions than they do in other business verticals and the
public sector. Less than a quarter (23%) of those surveyed trust
organizations in the legal profession to handle their data. And only
about 20% of nCipher survey participants said they trust their cellular
provider or the government to secure their personal data.

But trust can be fleeting

While the nCipher survey results indicate people have relatively high
trust in banks, the research also illustrates that trust can be
fleeting. It’s easy for trust to be eroded or disappear completely.

Financial institutions can retain that trust by building customer
confidence that they have things under control. Part of that involves
sharing relevant information with customers, so consumers feel more in
control. More than a third (34%) of Americans surveyed said they trust
companies that provide them with a feeling of control.

In addition, nearly half (49%) of those surveyed said they would lose
trust in their bank if it didn’t seem in control of data security. And
more than half (53%) said their trust in digital payments would erode if
their bank didn’t notify them of a hack within 24 hours.

Digital payments are a sore point

Trust related to digital payments is a particularly thorny issue. People
who have been hacked in the past are especially sensitive.

Nearly 60% of respondents to the nCipher survey said they would distrust
digital payments if their account was compromised and showed charges
they didn’t make. A third (33%) said such a scenario would prompt them
to stop using digital payments entirely.

Trust in online retail purchases is low

Almost half (46%) of survey participants said they worry about
cybersecurity the most when they buy something online. When asked what
organizations they trust most to protect their personal data, the survey
group ranked ecommerce from brick-and-mortar retailers lowest (6%). Even
the government (20%) and cellular providers (19%) are trusted more.

When asked about their trust in individual companies, popular social
media companies came in last.

Overall anxiety is high

These specific trends are part of a larger picture illustrating the
public’s high anxiety related to identity theft and personal data
security. The nCipher research also revealed that:

  • 68% of Americans said they fear identity theft
  • 62% said they want companies to make security more reliable
  • 38% of those surveyed said they believe a hack should be a federal
  • 20% of individuals said they suffer from security “fatigue” and don’t
    trust anyone to protect their personal information

Peter Galvin, Chief Strategy Officer at nCipher Security says
and other financial organizations are in a relatively strong position
when it comes to consumer trust related to personal data privacy and
security. But, as the nCipher research illustrates, people are generally
on edge when it comes to protecting their personal data. Organizations
that want to maintain the trust they’ve worked so hard to build – and
those that need to win back customer confidence – must make sure they
have the protection in place to safeguard customer data. That involves
creating cybersecurity strategies that employ well implemented
privacy-by-design mechanisms such as encryption to keep customers’
personal data safe and retain their trust.”

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About nCipher Security

Today’s fast-moving digital environment enhances customer satisfaction,
gives competitive advantage and improves operational efficiency. It also
multiplies the security risks. nCipher Security, a leader in the
general-purpose hardware security module (HSM) market, empowers
world-leading organizations by delivering trust, integrity and control
to their business-critical information and applications.

Our cryptographic solutions secure emerging technologies – such as
cloud, IoT, blockchain, and digital payments – and help meet new
compliance mandates, using the same proven technology that global
organizations depend on today to protect against threats to their
sensitive data, network communications and enterprise infrastructure. We
deliver trust for your business-critical applications, ensuring the
integrity of your data and putting you in complete control – today,
tomorrow and at all times.


For more information please contact:

nCipher Security
Megan Nemeh [email protected]
+1 408 887 5064
Liz Harris [email protected]
+44 7973 973648

US media
Bospar PR [email protected]

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