Home Cyber Shred-it/Ipsos Study: “British consumers still fear online banking despite ‘rigorous’ security checks”

Shred-it/Ipsos Study: “British consumers still fear online banking despite ‘rigorous’ security checks”

by Brian Sims

British consumers remain most fearful about banking online and information security as a factor in deciding which bank to use. That’s according to new data released in Shred-it’s eighth annual State of the Industry Report.

When asked about security concerns relating to common interactions with businesses, consumers pinpointed online banking as the most concerning, with 61% fearing that their confidential information is at risk. This compares to smaller percentages for booking a hotel online (55%), staying in a hotel (49%), buying a car in person (43%) and providing information to a lawyer (32%).

Data protection is deemed important to 86% of people when they’re deciding which bank to use, which stood higher than other various forms of physical data. The other most significant forms of written data recorded in the study included data needed for choosing a lawyer (79%), a place of employment (76%), interacting with a car dealer (70%) and making a hotel booking (69%).

The annual study exposes information and data security risks currently threatening UK enterprises and smaller businesses and includes survey findings from the Shred-it Security Tracker. Ipsos conducted a quantitative online survey of three distinct sample groups in the UK: 1,000 small business owners (with less than 100 employees), over 100 C-Suite executives of large organisations (ie companies with upwards of 250 employees) and over 1,100 consumers/employees.

Neil Percy, vice-president for market development and integration (EMEA) at Shred-it, commented: “In spite of all the checks and balances and the rigorous login measures in place, people are still concerned about online banking. Recent data breaches like that at TSB may exacerbate these fears. We should all be considering how data security is vulnerable in other contexts. When you think about the level of personal and financial information you might write down in a car dealership, for example, and how it is then stored in digital and physical formats, you begin to see that there’s risk present all over the place. If we could all see that as consumers, this might improve businesses’ data handling procedures and actively reduce fraud.”

You may also like