Cyber Trust in Banking: Privacy Path to Maturity

Cyber trust can be based on many factors, including reputation, incident response, and more. But for consumers, the fundamental determinant of cyber trust—particularly where their financial institution is concerned—is privacy. How well financial institutions protect consumers’ privacy and maintain transparency around what personally identifiable information they track is critical. 

But that’s just one piece of the privacy puzzle. How FIs enhance authentication and identity verification to remove PII from the process also is essential. Javelin Strategy & Research’s latest review of cyber trust best practices, which is expected to be published in September in the biannual Cyber Trust in Banking Scorecard, analyzes cyber trust from the consumer perspective, evaluating leading U.S. FIs on privacy, cybersecurity, education, and resolution support. As part of that forthcoming scorecard, the Cyber Trust in Banking: Privacy Path to Maturity report serves as a primer, reviewing three prongs upon which cyber trust is based: privacy, cybersecurity, and education. 

Key questions discussed in this report:

• How are FIs assuring consumers that consumer privacy is an ongoing and evolving priority? 
• How have FIs’ cybersecurity practices around consumer notification alerts evolved (or not) to keep up with emerging risks? 
• Are FIs doing enough to educate and support consumers about existing and emerging cyber risks?

Companies Mentioned:

Ally Bank, Bank of America, BMO, Capital One, Chase Bank, Citibank, Citizens Bank, Creditwise, Fifth Third Bank, First Citizens Bank, Huntington National Bank, KeyBank, M&T Bank, Navy Federal Credit Union, PNC Bank, Regions Bank, Republic Bank, Santander Bank, Spectrum, TD Bank, Truist Bank, U.S. Bank, USAA Bank, Wells Fargo, Zions Bancorp