The Currency of Trust - capgemini.com€¦ · The Currency of Trust: Why Banks and Insurers Must...
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Reach out: Interested in reading the full report? Head to: www.capgemini-consulting.com/resources/data-privacy-and-cybersecurity-in-banking-and-insurance Slideshare: www.slideshare.net/capgemini/data-privacy-and-cybersecurity-in-banking-and-insurance Follow us on Twitter : Twitter @capgemini or email [email protected] #digitaltransformation 49% 28% 13% 13% 9% 6% Banks /Insurance institutions Alternative payment providers E-commerce firms Telecom firms Retailers Social Networking Sites Fintech Firms 83% Sweden Netherlands Spain India UK US France Germany 65% 58% 90% 80% 69% 80% 83% Consumers could sever the relationship in case of a breach Addressing security concerns will drive more adoption of low-cost channels Earning trust will encourage greater data-sharing Strength of data privacy policies vs. Strength of security framework The Currency of Trust: Why Banks and Insurers Must Make Customer Data Safer and More Secure Only 21% highly confident about their ability to detect a breach Only 40% have fully automated cyber threat intelligence processes Only 21% update the data consent clause in the privacy policy after a policy refresh 78% retain data after a customer ends the relationship Where are banks and insurers falling short? 78% Consumers’ likelihood to switch Willingness to trade privacy Overall India Spain US France Germany Sweden UK Netherlands 89% 62% 62% 55% 53% 51% 50% 49% 60% Unsecured Mobile App Unsecured Website Potential Misuse of Data 29% 31% 35% 34% 40% 33% 35% 32% 31% only 3% of consumers think their banks / insurers have faced a data breach Lorem ipsum High Low High Low Banking Insurance Strength of Security Framework 20% Strength of Data Privacy Policies Laggards Security-sloths Privacy-passives Pace-setters 20% 31% 29% Consumers are not aware of the sector’s security weaknesses Why do financial institutions need to get security and privacy right? 74% would switch in case of a data breach 2 out of 3 consider privacy/security as extremely important when choosing banks/insurers More than two-thirds of banks and insurers are not adequately prepared to safeguard customer data have sound security measures complementing strong data privacy policies. While 26% of institutions reported to have been victims of cyber attacks , Primary reason cited for not using a digital channel Only 29% Provide non-intrusive security using biometrics Strengthen governance and security standards , from the top Automate security intelligence using advanced analytics Simplify and clarify privacy policies Provide more value for data exchanges Apply a consumer lens to define data privacy . and security policy Give customers more control Communicate sooner and more clearly Educate customers on security issues What consumers think What institutions say 26% 3% This perception gap might explain why consumers trust banks and insurers with their data Insurance Banking All How can financial institutions stay secure and trustworthy in an insecure world? Privacy and security is on top of consumers’ mind 1 out of 2 are concerned about using digital channels for security reasons
Transcript of The Currency of Trust - capgemini.com€¦ · The Currency of Trust: Why Banks and Insurers Must...
Reach out: Interested in reading the full report? Head to: www.capgemini-consulting.com/resources/data-privacy-and-cybersecurity-in-banking-and-insurance
Slideshare: www.slideshare.net/capgemini/data-privacy-and-cybersecurity-in-banking-and-insurance
Follow us on Twitter : Twitter @capgemini or email [email protected] #digitaltransformation
49%
28%
13%
13%
9%
6%
Banks /Insuranceinstitutions
Alternative payment providers
E-commerce firms
Telecom firms
Retailers
Social Networking Sites
Fintech Firms
83%
Sweden Netherlands Spain India
UK US France Germany
65% 58% 90%
80% 69% 80% 83%
Consumers could sever the relationship in case of a breach
Addressing security concerns will drive more adoption of low-cost channels
Earning trust will encourage greater data-sharing
Strength of data privacy policies vs. Strength of security framework
The Currency of Trust: Why Banks and Insurers Must Make Customer Data Safer and More Secure
Only 21% highly confident about their ability to detect a breach
Only 40%
have fully automated cyber threat intelligence processes
Only 21%
update the data consent clause in the privacy policy after a policy refresh
78% retain data after a customer ends the relationship
Where are banks and insurers falling short?
78%
Consumers’ likelihood to switch
Willingness to trade privacy
OverallIndia SpainUS FranceGermany SwedenUK Netherlands
89%
62% 62%55% 53% 51% 50% 49%
60%
Unsecured Mobile App
Unsecured Website
Potential Misuse of Data
29%
31% 35% 34%
40% 33% 35%
32% 31%
only 3% of consumers think their banks / insurers have faced a data breach
Lorem ipsum
High
Low
HighLow
Banking Insurance
Stre
ngth
of S
ecur
ity F
ram
ewor
k
20%
Strength of Data Privacy Policies
Laggards Security-sloths
Privacy-passives Pace-setters20%
31%
29%
Consumers are not aware of the sector’ssecurity weaknesses
Why do financial institutions need to get security and privacy right?
74% would switch in case of a data breach
2 out of 3 consider privacy/security as extremely important when choosing banks/insurers
More than two-thirds of banks and insurers are not adequately prepared to safeguard customer data
have sound security measures complementing strong data privacy policies.
While 26% of institutions reported to have been victims of cyber attacks,
Primary reason cited for not using a digital channel
Only
29%
Provide non-intrusive security using biometrics
Strengthen governance and security standards, from the top
Automate security intelligence using advanced analytics
Simplify and clarify privacy policies
Provide more value for data exchanges
Apply a consumer lens to define data privacy.and security policy
Give customers more controlCommunicate sooner and more clearlyEducate customers on security issues
What consumersthink
What institutions say 26%
3%
This perception gap might explain why consumers trust banks and insurers with their data
Insurance Banking All
How can financial institutions stay secure and trustworthy in an insecure world?
Privacy and security is on top of consumers’ mind
1 out of 2 are concerned about using digital channels for security reasons
