WASHINGTON (3/25/15)--Consumers trust credit unions and banks much more than brick-and-mortar retailers to keep personal information and data secure, according to a recent Gallup poll.
More than nine out of 10 consumers (91%) hold some or a lot of trust in their primary financial institution when it comes to safeguarding personal data, while less than 70% of consumers trust merchants.
The federal government and social networking sites finished second-to-last and last in the poll with rates of trust of 45% and 23% respectively.
Brick-and-mortar merchants have been responsible for a number of high-profile breaches over the past 18 months, including the Target and Home Depot breaches that ultimately cost credit unions nearly $90 million.
CUNA continues to remind lawmakers that merchants are not held to the same stringent data security standards that the Gramm-Leach-Bliley Act imposes on financial institutions, leaving both the payments network and personal consumer data vulnerable to cybercriminals.
Further, CUNA continues to back legislation that includes consumer notification standards that would carry effective enforcement provisions--as credit unions and other financial institutions often can't notify their members when a breach occurs--and standards that force the entity that is breached to shoulder the resulting costs.
Without more strict regulations on merchants, consumer trust when it comes to data security may only continue to slide.
The Gallup poll found that only roughly two in 10 consumers said they have a lot of trust in companies they do business with regularly.
Further, more than half of U.S. adults said their trust related to data protection has waned a little or a lot in the past year.
More than 11,000 U.S. adults age 18 and older were surveyed for the poll.