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.<\/p>\n
Moreover, almost 8 in 10\u00a0 institutions admit to being breached in the past two years.<\/p>\n
In addition, the vast majority of consumers say they would change banks if their institution didn\u2019t take the proper steps to remediate a cyber-attack.<\/p>\n
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.<\/p>\n
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%).<\/p>\n
In conjunction with the consumer survey, KPMG conducted a survey of 400 senior cybersecurity executives, including 100 in financial services.<\/p>\n
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 \u2013 well ahead of their peers in other sectors.<\/p>\n
Selfie banking in South Africa not far away<\/strong><\/a><\/p>\n Hacking tools that terrorise the internet<\/strong><\/a><\/p>\n