Comments
Data Security: Consumers Trust Banks Over Retailers
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Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
7/29/2014 | 8:24:48 AM
Re: Is this good news?
Yes, in recent years, financial institutions have been required by law to disclose to customers if there was a breach. I'm sure in years past some breaches flew under the radar, but I don't think US-based banks can conceal breaches anymore.
Brook Zimmatore
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Brook Zimmatore,
User Rank: Apprentice
7/28/2014 | 5:47:15 PM
Re: Is this good news?
Let's say, no banks which have had to give the details of their breach. 
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
7/28/2014 | 1:25:54 PM
Re: Is this good news?
I was thinking in terms of a breach that was somewhat on the scale of the Target one. If a breach is quickly detected and the right monitoring and policies are in place, and the most important data is compartmentalized so it is secure from other networks and systems, then the breach can be managed and damage minimized. Target obviously didn't have that.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
7/28/2014 | 1:22:54 PM
Re: Is this good news?
So far, no banks have seen a large scale breach, similar to the Target attack. However, many banks have suffered smaller hacks over the years. Luckily, they detected the attacks quickly and notified customers. According to a list on Privacyrights.org, there have been around 200 financial services breaches since 2005 (not including card fraud, internal theft, misplaced devices and other forms of data loss).
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
7/28/2014 | 1:04:24 PM
Re: Is this good news?
It's only good news for banks as long as none of them suffer a data breach. If a bank were to get breached, I think it would be an even bigger story than the Target breach. People think their bank is supposed to protect them. I don't think retailers ever had that same level of trust. If one bank gets breached though, that trust could ruined.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
7/28/2014 | 1:02:07 PM
Re: Is this good news?
In Soviet Russia, computer hack you.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
7/25/2014 | 8:07:27 AM
Re: Is this good news?
And US consumers trust banks more than this guy too:

Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
7/25/2014 | 8:03:31 AM
Re: Is this good news?
Good question: "Consumers trust banks, but compared to what?"


I'm pretty sure they trust banks more than this guy:



LOL!
KBurger
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KBurger,
User Rank: Author
7/24/2014 | 4:26:54 PM
Is this good news?
I guess this reflects well (or at least OK) on banks, but I think it's really kind of damning with faint praise. Consumers trust banks, but compared to what? But I do think this also shows that security capabilities and a true commitment to protecting consumer data can be a way to differentiate and gain loyalty. Also, with more financial activity moving to non-bank competitors -- it will be interesting to see what happens when the inevitable breach with a non-bank payments or PFM company happens -- will that reflect well on banks, or will there be guilt by association?


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