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

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.”

About the Author
Brian Sims BA (Hons) Hon FSyI, Editor, Risk UK (Pro-Activ Publications) Beginning his career in professional journalism at The Builder Group in March 1992, Brian was appointed Editor of Security Management Today in November 2000 having spent eight years in engineering journalism across two titles: Building Services Journal and Light & Lighting. In 2005, Brian received the BSIA Chairman’s Award for Promoting The Security Industry and, a year later, the Skills for Security Special Award for an Outstanding Contribution to the Security Business Sector. In 2008, Brian was The Security Institute’s nomination for the Association of Security Consultants’ highly prestigious Imbert Prize and, in 2013, was a nominated finalist for the Institute's George van Schalkwyk Award. An Honorary Fellow of The Security Institute, Brian serves as a Judge for the BSIA’s Security Personnel of the Year Awards and the Securitas Good Customer Award. Between 2008 and 2014, Brian pioneered the use of digital media across the security sector, including webinars and Audio Shows. Brian’s actively involved in 50-plus security groups on LinkedIn and hosts the popular Risk UK Twitter site. Brian is a frequent speaker on the conference circuit. He has organised and chaired conference programmes for both IFSEC International and ASIS International and has been published in the national media. Brian was appointed Editor of Risk UK at Pro-Activ Publications in July 2014 and as Editor of The Paper (Pro-Activ Publications' dedicated business newspaper for security professionals) in September 2015. Brian was appointed Editor of Risk Xtra at Pro-Activ Publications in May 2018.

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