Consumers have become more educated about the value of data and cyber risks associated with it. As their awareness increases so does their expectations of trust and digital security. This has resulted in a ‘trust gap’ between consumers and enterprises. For forward-thinking organisations this presents an opportunity to redesign their relationship with their consumers by putting trust at the heart of it.
The Consumer Loss Barometer report is focused on understanding the cyber security gap that exists between consumers and organisations. Based on a survey of over 1,802 security executives and 2,151 consumers across 24 countries, it reveals where the priorities differ and how leading organisations integrate cyber security into their business transformation agendas from the outset. Solving this gap in expectations can help generate consumer trust and propel business growth.
Of the Australian consumer respondents:
Over half (51 percent) of Australian survey respondents reported that one of their personal financial accounts (checking, savings, money market, investment, credit card) had been compromised. More than half (53 percent) said device security should be their responsibility as account holder; 32 percent believed the responsibility was shared; and just 12 percent said the financial institution was solely at fault.
Yet, Australian consumers are demanding preventative and remedial action when it comes to cyber security. Three-quarters expect additional security designed into connected devices – making security more than an add on – it is an essential part of any digital product offering. The great majority, 96.8 percent, said they would be willing to remain with their financial services provider as long as it took appropriate action following a cyber security breach.
Cyber security needs to be included in every aspect of the digital experience for a customer. The organisations that integrate security into their new digital experiences are the ones that are likely to win in the new digitised future.
Importantly, boards need to be aware of how cyber security, privacy and risks are handled by their organisations and the impact on their shareholders, stakeholders and businesses. Beyond consumer sentiment there are a number of regulatory developments which are also shaping the Australian landscape with regard to cyber security, notably changes to the Privacy Act with the introduction of mandatory breach notification and APRA’s new CPS 234 standard in Financial Services.
The right approach to cyber security enables an organisation to embrace change, seek out new markets, and invest in transformational opportunities.
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