(Image credit: geralt / Pixabay)

Data Security: Most Europeans Now Trust Banking Industry to Safely Manage Data

More than two-thirds of Europeans would place more trust in organizations if they used biometric methods for user authentication, according to a new study from U.S.-based information technology company and consultancy Unisys.

Both fingerprint readers and iris scanners were cited as technologies that consumers would feel more comfortable with compared to the still-prevalent methods of simply keying in hard-to-recall passwords and pin numbers.

In addition to 52% of respondents preferring the technology for the peace-of-mind benefits related to security, around half of those surveyed by Unisys said that not having to remember passwords would be a major plus.

The “2017 Biometrics Study,” which surveyed more than 3,500 people from across Europe, also found that 51% of consumers trust banks when it comes to managing their private data, the highest rate of any industry. Only 12% trust social media companies, while governments have earned the trust of 45% of Europeans.

”We are seeing the need for more than just the traditional password and PIN as the sole method of authentication,” said Salvatore Sinno, global chief security architect of Unisys.

Sinno said that the increasing usage of mobile phone fingerprint readers “has bought biometrics to the mainstream” and believes that the new iPhone X will do similar work to familiarize users with facial recognition technology.

The result is that more customers are ready and willing — if not demanding — to start using more advanced forms of security to protect their under-threat personal data.

“In today’s environment,” said Sinno, “it makes sense for organizations to have a multi-layered approach to security, to address new legislation such as the General Data Protection Regulations, and reassure the public and build trust between consumers and service providers.”

(Image credit: geralt / Pixabay)

This article was originally published by Finance TnT. It has been reprinted with permission.

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