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Australians' trust in digital providers has decreased in last five years

  • April 28 2022
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Australians' trust in digital providers has decreased in last five years

By Neil Griffiths
April 28 2022

Australians have little trust in organisations keeping their information secure, but the financial services industry still sits atop the list.

digital providers

Australians' trust in digital providers has decreased in last five years

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  • April 28 2022
  • Share

Australians have little trust in organisations keeping their information secure, but the financial services industry still sits atop the list.

digital providers

A new report by digital security software and services company Imperva, which surveyed 1,004 Australians, found that 43 per cent of people trust those in financial services with their most valuable and sensitive data.

Financial services beat out other industries that included healthcare and government (37 per cent) and messaging services, social media, streaming services online gaming and retail which all attracted a score of less than 10 per cent.

Around 48 per cent of those surveyed that favoured financial services were over 45 years of age, while 38 per cent came from the 18 to 44 age bracket.

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However, 37 per cent said they would never share their personal information, such as wage, savings and bank account details, on a digital service or app.

Meanwhile, 39 per cent said their trust in digital service providers to secure their data has decreased in the past five years and 51 per cent would stop using a company’s services altogether if they suffered a serious data breach.

“Organisations face a complete breakdown of trust unless they begin rebuilding now,” Imperva’s area vice president for Australia and New Zealand, Tony Mascarenhas, said.

“While organisations rush to introduce more digital innovations, it is vital they don’t overlook the potential security risks these new technologies create. Data breaches can have a real and lasting impact - from downtime and fines to loss of revenue and damaged brand reputation.

“Prevention is always going to be better than the cure, which is why data-centric security must be part of every organisation’s strategy in 2022.”

The findings come after ASIC alerted consumers about a rise in investment scams impersonating companies or financial investment firms in March.

The corporate regulator warned that scammers often make contact through Gmail and Outlook email accounts and that their contact details do not match the information published on the legitimate company’s website.

Australians' trust in digital providers has decreased in last five years
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