Banks, mortgage lenders and insurers are being warned about a potential exodus in the event of a cyber attack, as a study reveals the sector has a gap between customer expectation and reality.

Banks and other financial services firms enjoy huge levels of trust from their customers (83 per cent) but only 21 per cent of executives polled by global consultancy Capgemini are highly confident in detecting a cyber breach, let alone defending against it.

The study across 8 countries reveals that 65 per cent of consumers consider trust in data privacy and security when choosing a bank or insurer; and 74 per cent would leave in the event of a breach.

Despite this risk, the study revealed that 71 per cent of organizations do not have a balanced security strategy nor strong data privacy practices.

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