Friday, October 31, 2014

ABA Releases Cybersecurity, Data Breaches Infographic

ABA has released an infographic on cybersecurity and data breaches. The association encourages bankers to use it as a tool to let their customers and friends know what bankers are doing to protect customers’ money and what consumers think about data breaches.

The infographic shows that banks pick up the vast majority of costs associated with making customers whole after a breach, in addition to the hundreds of millions of dollars they spend preventing cybercrime. Only one third of banks in the last five years reported receiving any reimbursement for fraud losses and reissue costs of which 83% received less than 10 cents on the dollar, according to the infographic.

In addition, the infographic shows that consumers are confident in banks, as 89% say local banks do a good job of protecting customer information, and 73% trust banks the most to protect their payment data—just 2% trust major retailers.

View and share the infographic.

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