People trust banks and other financial entities to safeguard their personal data more than other organizations.

New nCipher Security research also illustrates how easily that trust can be eroded, along with Americans’ personal data protection concerns relative to banking and digital payments.

Consumers trust banks most

The survey results show that people trust the financial sector in general and their banks in particular more than any other industry vertical or organizations that touch their data. A third of those surveyed said they trust financial services organizations most to protect their personal data. More than half (52%) said they trust their banks specifically to protect their data.