CapGemini Survey shows that Banks and Insurers Must Make Customer Data Safer and More Secure

The recent global survey of more than 180 senior data privacy and security professionals – as well as 7,600 consumers – found that less than a third (29%) of these organisations offer both strong data privacy practices and a sound security strategy.

This picture has so far not unduly affected consumers’ perceptions of the industry. The survey found that 83% of consumers trust banks and insurers when it comes to data. And while one in four institutions have reported being victim of a hack, just 3% of consumers believe their own bank or insurer has ever been breached. However, with the pending GDPR regulations, this trust factor is likely to change as transparency increases.

People in for a surprise

“When GDPR is introduced and all breaches are likely to be made public soon after they occur, many people will be in for a surprise,” said Zhiwei Jiang, Global Head of Financial Services, Insights & Data at Capgemini.

“The introduction of GDPR legislation next year is a prime opportunity for business transformation for banks and insurers to become the digital fortresses consumers believe them to be.”

Consumers see their trust in banks and insurers as vital

The majority of consumers view trust in data privacy and security as an extremely significant factor when choosing their bank (65%).

While compliance will be essential and is just over a year away, among executives surveyed only a third (32%) described their organisation as having made strong progress in implementing the draft guidelines.

When trust in financial institutions fails, customers will leave

The majority of consumers view trust in data privacy and security as an extremely significant factor when choosing their bank (65%).

Though many instinctively trust their banks and insurers with their data, once this trust is broken they are likely to act.

Three quarters of consumers (74%) would switch their provider in the event of a data breach. Among those who would remain with their bank or insurer if their information were compromised, over a quarter say they would be cautious about further investments.

Full survey available here – https://www.capgemini-consulting.com/resources/data-privacy-and-cybersecurity-in-banking-and-insurance

The board of a multinational medical device organisation required a secure, cloud-based solution which facilitated virtual board member collaboration on key documents in preparation for monthly board meetings.

The documentation was regularly of a highly commercially sensitive nature, largely relating to ongoing clinical trials, and as such demanded a secure and encrypted platform which could be implemented without the engagement of internal IT resources.

Key challenges that need to be considered:

Geographically dispersed stakeholders
Highly commercially sensitive documentation
No internal IT involvement
Multiple stakeholders required to collaborate on
single documents

Wizuda MFT gave them a centralised view of all their file transfer activities and a network overview of the data flows. IT now had instantly available reporting and could provide geographic maps and network overviews to senior management of all file transfer activities in the organisation. These could also be categorised in ways that made sense for the business from a priorities perspective. Wizuda’s unique ‘Health Check’ dashboard with automated monitoring and alerts, allowed them to manage all transfer operations proactively and ensured they were always on top of any issues.

From a GDPR compliance perspective, transfers could be linked to Data Protection Impact Assessments were required and data could be anonymised as part of the transfer process. Wizuda MFT enabled them to apply the latest security protocols for file transfers and encrypt data at rest and in transit. Passing cyber-security and GDPR compliance audits became a lot easier.

About Wizuda

Developing IT Solutions to Make Businesses Better

At Wizuda we focus on developing IT solutions which help businesses grow and empower people to collaborate and stay connected securely and compliantly. Specialists in secure data transfer since 2001, all development and support operations are carried out from our two Irish

offices located in Dublin (Wizuda Headquarters) and Limerick. We pride ourselves in developing software solutions that allow organisations to take back control of their file transfer and data sharing operations, enabling them to operate efficiently, securely and compliantly