One in three banks or insurers don’t have privacy plans in place to safeguard their customers’ data, despite findings suggesting 70 percent of consumers won’t do business with a company they can’t trust to keep their data safe.
According to research by consultancy firm Accenture, called “Privacy in Financial Services: Stature and Sustainability in the Information Age,” companies tend to tackle privacy, security, and data risks separately, which can mean risk management responses are fragmented, controls are ineffective, and commercial opportunities are lost.
