Consumers are happy when organisations use personal data responsibly, according to a newly released survey by SAS on consumer privacy and cyber threats.
Sixty percent of the 1,260 consumers surveyed expect businesses to know their preferences and understand their needs even though 71 percent are concerned about privacy.
Findings of the survey indicate that the banks are not prepared to fight cyber crimes and they are challenged by lack of awareness about new threats and limitations of technology.
Cyber attacks have to be dealt with effectively as it impacts trust of customers and SAS emphasises this loss is double the monetary losses.
"Organisations must be able to aggregate both external and internal threat intelligence in a way that is meaningful and relevant, including the ability to filter it," said Adel Melek, managing director for Global Enterprise Risk Services at Deloitte Touche Tohmatsu Limited. "Second, organisations must be in a position to act on it."
Gaining value from data
Although organisations can quickly gain value from all data, they struggle to get it as it requires time and skills to integrate, filter and apply data to reports and analysis.
Organisations continue to handle cyber security as an extension of an IT problem and are still continuing with ineffective policies.
These enterprises should understand threats and distinguish between financially motivated and non-financial motivated attacks.
"Having good data is absolutely critical," said David Pollino, the fraud prevention officer for Bank of the West. "The aim here is to better leverage limited resources while enhancing understanding of different threats."
Cyber security within enterprises can be improved if there is greater communication between the technical and business functions. Organisations should educate end-users and employees in order to improve educational efforts surrounding cyber security.
SAS adds that organisations can achieve strong cyber security preparedness with good technology, the right organisational structures, strong cooperation, legal support and investment.