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Financial Planning > Behavioral Finance

Investors Expect Privacy, Protection of Financial Information: ING Survey

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While about 75% of adults go online to handle financial accounts—401(k), investments, checking, or savings—a whopping 93% said that they’re aware that doing so could involve risk. But, according to a survey commissioned by ING and released Wednesday, nine in 10 think their financial institutions should do more to safeguard their accounts and personal information; 84% also expected that, in addition to the steps they themselves take to protect their privacy, their financial institutions would also actively protect their accounts by notifying them of any suspicious activity, and 76% expected those institutions to use the latest and greatest software and security to keep their accounts intact.

While only 5% considered themselves experts in protecting their personal information online, they do work at it: 72% keep their anti-virus software updated, 60% only use secure computers to access their accounts, and 56% only work with companies or institutions they trust. But that doesn’t mean they’re confident about the results; 87% worry about whether their savings and investments can be hacked and 26% feel their data is not secure.

To reassure clients, ING has launched a new global security operations center in Minneapolis, a 24-hour-a-day facility that was five years in the making and operates 365 days a year. According to ING, the center “relies on a robust set of tools to detect and prevent inappropriate activity and provide an integrated view of that activity across the environment…. The expert team is also experienced in recognizing signs of potentially abnormal behavior. The combination of skilled resources and quality tools allows for the high-performance response the company's customers expect, ensuring threats do not even make it through the ‘front door.’ ”

The web-based survey was conducted by Ipsos Public Affairs from July 23-28.