Borrow
Australians' trust in digital providers has decreased in last five years
Australians have little trust in organisations keeping their information secure, but the financial services industry still sits atop the list.
Australians' trust in digital providers has decreased in last five years
Australians have little trust in organisations keeping their information secure, but the financial services industry still sits atop the list.
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.
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.
RELATED ARTICLES
Banking
Commonwealth Bank leads consideration while People First Bank tops satisfaction in YouGov’s latest rankings
In a revealing snapshot of Australia's banking landscape, the Commonwealth Bank (CBA) has emerged as the most considered financial institution among prospective customers, according to YouGov's ...Read more
Banking
End of the easing: what a major bank’s call signals for Australian balance sheets
A major Australian bank now argues the Reserve Bank’s rate-cut run has hit a pause, resetting the risk-free rate narrative across corporate Australia. The Reserve Bank of Australia’s latest Statement ...Read more
Banking
Open banking, real returns: How an Australian brokerage turned CDR data into deal velocity
Open banking is no longer a whiteboard theory—it’s a working growth engine. This case study unpacks how a mid-sized Australian brokerage (“Pink Finance”) operationalised Consumer Data Right (CDR) data ...Read more
Banking
Open banking’s quiet revolution: how one broker’s data play rewrites speed, trust and margin
Open banking is shifting from compliance cost to commercial engine, and early adopters in Australia’s broking market are already monetising the curve. The playbook: consented bank-grade data piped ...Read more
Banking
Open banking in action: An early adopter’s playbook—and the ROI case for Australian brokers
Open banking is shifting from conference buzzword to operational backbone in Australia’s broking sector. Early adopters are using bank-grade data and AI to compress underwriting cycles, cut compliance ...Read more
Banking
Australian brokerage pedals ahead using consented data for a speedy advantage
Open banking is no longer a concept; it is an operating model shift changing how brokers originate and package credit. Australia’s early movers, backed by the Consumer Data Right (CDR) and a ...Read more
Banking
BOQ’s mortgage squeeze is a market signal: where banks will win next as competition bites
Bank of Queensland’s shrinking home-loan book is more than a single-institution story; it’s a barometer of how Australia’s mortgage market is being rewired by broker power, non-bank agility and ...Read more
Banking
RBA’s next move: Why a November cut could reset corporate risk budgets
Australia’s unemployment rate has risen to a four‑year high, sharpening the case for another Reserve Bank easing as growth moderates. With GDP expanding 0.6% in the June quarter and 1.8% year on year, ...Read more
Banking
Commonwealth Bank leads consideration while People First Bank tops satisfaction in YouGov’s latest rankings
In a revealing snapshot of Australia's banking landscape, the Commonwealth Bank (CBA) has emerged as the most considered financial institution among prospective customers, according to YouGov's ...Read more
Banking
End of the easing: what a major bank’s call signals for Australian balance sheets
A major Australian bank now argues the Reserve Bank’s rate-cut run has hit a pause, resetting the risk-free rate narrative across corporate Australia. The Reserve Bank of Australia’s latest Statement ...Read more
Banking
Open banking, real returns: How an Australian brokerage turned CDR data into deal velocity
Open banking is no longer a whiteboard theory—it’s a working growth engine. This case study unpacks how a mid-sized Australian brokerage (“Pink Finance”) operationalised Consumer Data Right (CDR) data ...Read more
Banking
Open banking’s quiet revolution: how one broker’s data play rewrites speed, trust and margin
Open banking is shifting from compliance cost to commercial engine, and early adopters in Australia’s broking market are already monetising the curve. The playbook: consented bank-grade data piped ...Read more
Banking
Open banking in action: An early adopter’s playbook—and the ROI case for Australian brokers
Open banking is shifting from conference buzzword to operational backbone in Australia’s broking sector. Early adopters are using bank-grade data and AI to compress underwriting cycles, cut compliance ...Read more
Banking
Australian brokerage pedals ahead using consented data for a speedy advantage
Open banking is no longer a concept; it is an operating model shift changing how brokers originate and package credit. Australia’s early movers, backed by the Consumer Data Right (CDR) and a ...Read more
Banking
BOQ’s mortgage squeeze is a market signal: where banks will win next as competition bites
Bank of Queensland’s shrinking home-loan book is more than a single-institution story; it’s a barometer of how Australia’s mortgage market is being rewired by broker power, non-bank agility and ...Read more
Banking
RBA’s next move: Why a November cut could reset corporate risk budgets
Australia’s unemployment rate has risen to a four‑year high, sharpening the case for another Reserve Bank easing as growth moderates. With GDP expanding 0.6% in the June quarter and 1.8% year on year, ...Read more
