More than half of British savers would switch banks if their provider suffered a data breach

More than 20 million British savers would move their money if their provider lost personal customer details.

 

 

A survey by Ipsos MORI for information risk management company, ArmstrongAdams found that 55 per cent, around 23 million, of British bank account holders would change banks.

 

Nineteen per cent of bank account holders were ‘certain' to switch accounts, with 22 per cent saying they were ‘very likely' to switch, and 14 per cent ‘fairly likely'.

 

ArmstrongAdams director Tim Kipps, said: “The survey results clearly show the continuing concerns that British consumers have with regard to the security of their personal information held by British banks as well as the safety of their money.

 

“Banks and financial institutions of all sizes need to consider the survey's findings in the light of operational risk, financial risk, reputation risk, market risk and strategic risk. Information is the golden thread that binds together all these forms of risk. By definition, information risk management is a vital part of the constant effort needed to ensure that business and customer value is created rather than destroyed.”

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