PADUCAH, Ky.--(BUSINESS WIRE)--As data breaches continue to affect organizations of all types, from major retailers to the federal government, it is no surprise that security has become a hot topic for today’s consumers. According to a new survey from Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end financial technology solutions, a full 80 percent of consumers cited their bank’s ability to ensure the safety of their financial information as their greatest concern, regardless of demographic.
“The survey results indicate that even ‘digital natives’ who commonly share their information freely are becoming increasingly aware of and focused on the protection of their own financial data,” said George McGourty, president of Financial Services for CSI. “Because consumers are more in-tune with the importance of data security than ever before, financial institutions must actively strive to provide customers with peace of mind through advanced security capabilities and protocols.”
Conducted on behalf of CSI by Harris Poll, the survey ran online from Aug. 7-11, 2015, and garnered responses from nearly 2,100 U.S. adults ages 18 and older. In evaluating the demographics of the survey respondents, it’s evident that the importance of protecting their financial data increased with both income and education levels. Specifically, 84 percent 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 percent of adults who are college graduates.
“According to the Ponemon Institute’s 2015 Cost of Data Breach Study, the average cost of a data breach to a company last year was $3.8 million, a 23 percent increase from 2013,” McGourty said. “While companies have become smarter about adopting preventative measures to mitigate loss, the research suggests that the cost associated with repairing brand reputation and loss of customer loyalty is what does the most damage to the bottom line.”
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.
Survey Methodology
This survey was conducted online within the United States by Harris Poll on behalf of CSI from Aug. 7-11, 2015, among 2,084 adults ages 18 and older. This online survey is not based on a probability sample; therefore, no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Brandon Dyce, CSI communications director, at brandon.dyce@csiweb.com.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed services, mobile and Internet solutions, payments processing, print and electronic distribution, and regulatory compliance solutions to financial institutions and corporate customers across the nation. Exceptional service, dynamic solutions and superior results are the foundation of CSI’s reputation and have resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.
