CSI Survey: Safety of Financial Information Emerges as Top Concern for U.S. Consumers About Their Banks

PADUCAH, Ky.–(BUSINESS WIRE)–As data breaches continue to affect organizations of all types, from
major retailers to the federal government, it is no surprise that
security has become a hot topic for today’s consumers. According to a
new survey from Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider
of end-to-end financial technology solutions, a full
80 percent of consumers
cited their bank’s ability to ensure the
safety of their financial information as their greatest concern,
regardless of demographic.

“The survey results indicate that even ‘digital natives’ who commonly
share their information freely are becoming increasingly aware of and
focused on the protection of their own financial data,” said George
McGourty, president of Financial Services for CSI. “Because consumers
are more in-tune with the importance of data security than ever before,
financial institutions must actively strive to provide customers with
peace of mind through advanced security capabilities and protocols.”

Conducted on behalf of CSI by Harris Poll, the
survey
ran online from Aug. 7-11, 2015, and garnered responses from
nearly 2,100 U.S. adults ages 18 and older. In evaluating the
demographics of the survey respondents, it’s evident that the importance
of protecting their financial data increased with both income and
education levels. Specifically, 84 percent of adults with incomes of
$100K or more indicated that the security of their financial information
was their greatest concern regarding their bank, as did 85 percent of
adults who are college graduates.

“According to the Ponemon Institute’s 2015 Cost of Data Breach Study,
the average cost of a data breach to a company last year was $3.8
million, a 23 percent increase from 2013,” McGourty said. “While
companies have become smarter about adopting preventative measures to
mitigate loss, the research suggests that the cost associated with
repairing brand reputation and loss of customer loyalty is what does the
most damage to the bottom line.”

While data breaches continue to plague the industry on a day-to-day
basis, there are plenty of techniques banks and credit unions can adopt
to not only protect themselves and their customers from falling victim
to potential attacks, but also prevent customer turnover should an
attack occur. The best defense strategy for today’s financial
institutions is a two-pronged approach:

  • Proactively protect the institution from changing security threats; and
  • Develop a plan of action for both prevention and response in case a
    security breach occurs.

The safety of financial information topped the list of consumers’
concerns, and the survey also reveals additional focus areas banks and
credit unions should consider in order to attract and retain customers.
A detailed report of the survey’s findings is available for download at www.csiweb.com/2015consumerpoll.

Survey Methodology

This survey was conducted online within the United States by Harris Poll
on behalf of CSI from Aug. 7-11, 2015, among 2,084 adults ages 18 and
older. This online survey is not based on a probability sample;
therefore, no estimate of theoretical sampling error can be calculated.
For complete survey methodology, including weighting variables, please
contact Brandon Dyce, CSI communications director, at brandon.dyce@csiweb.com.

About Computer Services, Inc.

Computer Services, Inc. (CSI)
delivers core processing, managed services, mobile and Internet
solutions, payments processing, print and electronic distribution, and
regulatory compliance solutions to financial institutions and corporate
customers across the nation. Exceptional service, dynamic solutions and
superior results are the foundation of CSI’s reputation and have
resulted in the company’s inclusion in such top industry-wide rankings
as the FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global
Managed Service Providers List. CSI’s stock is traded on OTCQX under the
symbol CSVI. For more information about CSI, visit www.csiweb.com.

Contacts

For CSI
Brandon Dyce, 615-545-1675
or
David Jones,
678-781-7238
or
Stephen Sprayberry, 678-781-7207