Technology / Two thirds of consumers expect their financial data to be hacked this year

Two thirds of consumers expect their financial data to be hacked this year

Nearly two thirds of consumers in the UK and US think their financial information will be hacked within the next year, according to a new report.

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A survey by NCC Group and IDG Research Services found that 63 per cent of customers believe a data breach will compromise their financial data this year.

Meanwhile, 60 per cent of consumers said they are more worried than ever before about protecting their personal and financial information online.

NCC Group CEO Rob Cotton said: “This is a wake-up call for global business. Consumers clearly do not believe companies can keep their personal and financial information safe.

“This should set alarm bells ringing not just in the IT and marketing departments, but in the boardroom too as it is ultimately the responsibility of a company’s executives.”

He added that customer trust would be run by brands “that clearly show that the security of customer data is of paramount importance”, making security a priority for boards.

87 per cent of consumers said they see a need for a community of safe websites and half said they would feel more secure if brands were more transparent about their security measures.

15 per cent said they are doing less online now due to security concerns.

Consumers have been sending businesses mixed messages over their security concerns in recent months with conflicting survey results hitting the headlines.

This month, 47 per cent of customers said security and privacy concerns were among the top barriers to them purchasing wearable and Internet of Things-connected devices.

But in the run-up to Christmas it was revealed that they were prepared to sacrifice security if it meant they could grab a great deal on a product online.

More than a quarter of US and UK consumers said they would complete a heavily discounted purchase without checking whether a website was safe.

For more on the survey, see the NCC Group website.

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