NEW YORK (4/29/15)--Consumers trust their financial institutions to safeguard their personal data far more than any other type of organization, according to a recent report from Accenture.
Based on a survey of more than 4,000 customers of retail financial institutions, the "Banking Shaped by the Customer" report found that, when asked which type of company best secured their data, 86% said their financial institutions.
The next most-common response was "payment companies" at 7%.
"Despite the many threats that banks face, they still possess competitive advantages that are critical in today's digital world," said Dave Edmondson, senior managing director for Accenture's North America Banking practice.
CUNA continues to urge Congress to enact legislation that would require merchants to adhere to the same strict data protection standards credit unions and other financial institutions must meet.
Surveys conducted by CUNA in the aftermath of the massive Target and Home Depot breaches found that credit unions suffered nearly $90 million in costs related to those two breaches alone, despite the fact that the breaches occurred at merchants' stores.
Additional findings from the report: