The majority of Private Banks and Wealth Managers worldwide shows little regard for the protection of personal data on their public websites. MyPrivateBanking Research surveyed 195 websites in the 17 most important banking markets and found that 61% of the banks do not offer secure web messaging. Almost as high, at 59%, is the proportion that do not give privacy warnings to users of their website about sending unprotected e-mails to recipients at the bank.
“Thousands of Private Banking clients have suffered recently from the disclosure of sensitive personal data”, states Steffen Binder, Research Director of MyPrivateBanking. “Many clients have become concerned about confidentiality and privacy protection, making it all the more surprising that in reality the majority of Private Banking and Wealth Management websites are insecure and potentially subject to eavesdropping attacks that can let intruders gain access to sensitive information.
Overall the research showed that online communication is of increasing importance to Private Banks and Wealth Managers and offered by the vast majority of the providers. Of the surveyed banks only 10% offer telephone numbers as the sole means of contact, while 35% offer e-mail contacts, 31.3% have a contact form and 23% offer both means of online contact.
The results are the following: No secure contact form: 61,3% (65 of 106 providers); no privacy warning on email security: 58,8% (67 of 114 providers).
MyPrivateBanking Research recommends that more than ever banks need to focus very carefully on their online privacy reputation as this is an important asset for building trusting client relationships. Consequently Private Banks and Wealth Managers should make privacy protection on the web a high priority item for the management and offer HTTPS-protected contact forms and explicit data security warnings on all relevant pages of the website.
But not only banks and wealth managers have to be more sensitive to the risks of online communication. “Users have to be aware that the Internet is an un-policed open space and avoid sending information via regular e-mail or through web contact forms, except those that are HTTPS protected”, explains Christian Nolterieke, Managing Director of MyPrivateBanking. “By explicitly pointing out the security features of their websites banks will make it easier for users to develop trust and lower the hurdle for online contact.”
MyPrivateBanking.com is the first independent information and networking platform for clients of private banks and clients of wealth managers worldwide. MyPrivateBanking.com is not a bank but helps you to get more value out of your wealth manager. The founders have the vision to make wealth management a lot more transparent, cost efficient and client-focused – driven by their own experiences as clients of a number of wealth managers.
More on HTTP_Secure, visit en.wikipedia.org/wiki/HTTP_Secure