Cyber security is a leading concern for the financial services industry.
There was a total of 457 data breaches in 2016, with almost 12.7 million confidential records stolen. According to Cyber Security Ventures, financial services firms are one of the main targets for cyber criminals. Businesses in the financial services are attacked 300 times more than businesses in other industries.
The government and the banks know that cyber security is a critical issue that requires a higher level of security. Biometrics is the answer.
Creating a bond of trust between biometrics and consumers isn’t an impossible or difficult feat according to a survey conducted by Consumer Technology Association. The survey shows that 90% of respondents are familiar with biometrics, 43% said they have used biometrics in the past and 62% said they were comfortable with it.
Statistics show that Americans are in favor of using biometrics for security reasons and because of the convenience factor that biometrics provide.
For more information on the use of biometrics, read our latest blog post “International Biometrics”, to see how other countries are currently implementing biometrics into their security procedures.