Would you change banks if they failed to pay out after a hack on your account?

Despite the financial service industry’s best intentions, more than one-third of consumers in South Africa say their personal bank accounts have been compromised.

Moreover, almost 8 in 10  institutions admit to being breached in the past two years.

In addition, the vast majority of consumers say they would change banks if their institution didn’t take the proper steps to remediate a cyber-attack.

The survey of 449 banking consumers found that 37% would move to a new institution if the bank refused to cover their losses, while 30% said that they would leave if the bank did not provide timely acknowledgement or response to an incident.

Consumers surveyed indicated that there are several steps that banks can take to alleviate their concerns, most frequently citing a guarantee to cover losses (74%), frequent communications and updates (38%), and providing a free credit report (35%).

In conjunction with the consumer survey, KPMG conducted a survey of 400 senior cybersecurity executives, including 100 in financial services.

The survey found that the financial services sector was the most proactive of all the sectors. Sixty-six percent of finance executives indicate that their companies have invested in information protection in the past year – well ahead of their peers in other sectors.

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Would you change banks if they failed to pay out after a hack on your account?