Fergie's Tech Blog

Consumers Have Great Expectations for Online Security

Paula Damiano writes on Bank Systems & Technology:

Despite banks' best efforts to improve online security, their defenses are only as strong as their customers' security habits. Unfortunately, even though consumers recognize their role in keeping their sensitive information safe, they often don't take the necessary precautions — and still hold their financial institutions responsible for a security breach, according to a new Accenture study.

The global consulting firm's survey of U.S. and U.K. consumers' Internet security perceptions reveals that consumers have a Jekyll and Hyde attitude toward online security. While 88 percent of survey respondents believe that personal irresponsibility (i.e., the improper sharing or disposing of sensitive information) is the cause of identity theft, nearly half admit to laxness in password security practices — such as using the same password on multiple accounts. Still, one in four respondents would close a bank account immediately if a security breach occurred.

posted by Fergie @ 5/21/2008 02:17:00 PM