People in the US trust banks the most for protecting their personal data, according to a survey by nCipher Security.

Of those polled in the study, 52% of the respondents said that they trust their banks for data protection.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

In comparison, just 23% of the respondents were found to trust the legal profession for data protection.

Only 20% said that they trust their cellular provider or the government in this regard.

However, the study also unveiled that people’s trust in banks can easily fade away if they do not have control of the data.

Around half (49%) of the respondents said that their trust in a bank would be lost if it was not in control of data security.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Besides, 53% of the respondents said that their trust in digital payments would be lost if their bank failed to alert them of a hack in 24 hours.

Thirty four percent of the respondents said they trust firms that offer a feeling of control.

Around 60% of those surveyed said they would distrust digital payments if their account was breached and they were charged wrongfully.

Thirty three percent of the respondents said that they would completely stop using digital payments in such cases.

nCipher Security chief strategy officer Peter Galvin said: “Organisations that want to maintain the trust they’ve worked so hard to build – and those that need to win back customer confidence – must make sure they have the protection in place to safeguard customer data.

“That involves creating cybersecurity strategies that employ well implemented privacy-by-design mechanisms such as encryption to keep customers’ personal data safe and retain their trust.”