2024 Cyber Trust in Banking Scorecard

Cyber trust is essential to building and maintaining longstanding customer relationships. Consumers consider financial institutions to be one of the most trusted entities, but cyber trust must be earned and preserved through two critical concepts: transparency and autonomy. Cyber trust is built and influenced by many components, but for consumers, the central determinant of cyber trust is privacy. How well financial institutions protect consumers’ privacy, maintain transparency around what personally identifiable information they track and share with third party organizations, and allows consumers to control data-sharing is critical. 

Privacy is the cornerstone of cyber trust, but there’s more to it than that. Consumers value the myriad ways their financial institutions allow them to protect their own accounts and identities from external fraud and cybersecurity threats, through functionality such as security alerts, account activity alerts, and the ability to share and revoke sharing of consumer data. Additionally, education plays a key role in engaging consumers in their own fraud detection and prevention, as well as allowing them to understand the importance of features offered by their institution to secure their accounts and identities. Javelin Strategy & Research’s latest review of cyber trust best practices analyzes cyber trust from the consumer perspective, evaluating leading U.S. FIs on privacy, cybersecurity, education, and resolution support. 

Key questions discussed in this report:

• How are financial institutions assuring consumers that consumer privacy is an ongoing and evolving priority?
• How have financial institutions’ cybersecurity practices around consumer notification alerts evolved (or not) to keep up with emerging risks?
• Are financial institutions doing enough to educate and support consumers about existing and emerging cyber risks?
• What financial institutions emerged as the best equipped to cultivate and maintain cyber trust with their customers and members?

Companies Mentioned: 

Ally Bank, Bank of America, BMO, Capital One, Chase Bank, Citibank, Citizens Bank, Consumer Financial Protection Bureau, Fifth Third Bank, First Citizens Bank, Huntington National Bank, KeyBank, M&T Bank, Navy Federal Credit Union, PNC Bank, Regions Bank, Republic Bank, Santander Bank, TD Bank, Truist Bank, U.S. Bank, USAA Bank, Wells Fargo, Zions Bancorp