That shouldn’t stop fintechs from making their operations more transparent and implementing greater security measures to protect the troves of data they’re collecting. Consumer confidence may have grown this year, but so did data breaches—soaring 38% from last year.

OnboardConnect uses Equifax data and tech expertise to help organizations onboard new businesses for B2B transactions.

The top five US banks by assets—all among the top 10 credit card issuers—spend approximately $5 billion a year on cybersecurity combined, per Al Pascual, senior vice president of data breach solutions at Sontiq. But credit cards are still the most frequently identified payment method reported in consumer fraud, according to the Federal Trade Commission.

Interoperability has long been a pain point for the US healthcare system. While new federal regulations should spur payers and providers to adopt data-sharing solutions, ingrained information blocking practices, privacy concerns, and the demands of the pandemic may hamper efforts toward regulatory compliance.

In 2021, the EU fined companies a total of $1.25 billion for breaches of the General Data Protection Regulation (GDPR), according to law firm DLA Piper—nearly seven times the amount fined in 2020. Meta received almost 20% of those penalties, thanks to a €225 million ($266 million) fine from Ireland’s data protection authority.

Banks must tell regulators about cyber incidents within 36 hours and inform consumers “as soon as possible.” This transparency will speed up response to breaches and improve consumers’ trust.

Technology is one barrier for many consumers, but so is the threat of a data breach. Patient health information is highly sought after by cybercriminals and commands high prices on the dark web. It’s hard to imagine large not-for-profit health systems like Kaiser Permanente or Northwell Health launching their own metaverses, even if tailored to preventive care.

Moreover, the trend toward digital health has coincided with a big rise in hacking and personal data theft from health services themselves. That’s a headache for providers, too. According to IBM Security and the Ponemon Institute, the average total cost of a data breach for a healthcare organization was higher than for any other industry in 2021, at $9.2 million. Financial Services.

Dive deeper: Read how the Robinhood data breach won’t help falling trading volume in our Fintech Briefing.

Using this data, we ranked the banks best positioned to attract customers with their mobile offerings. For more information, see the methodology section at the end of this report.

VRPs can be used instead of cards for purchases, letting customers reduce their risk of data exposure from breaches. The standard can help banks ward off competition from digital wallets when it comes to users making merchant payments.

One single AI vendor could go a long way to reducing hospitals’ financial burden: An average data breach costs healthcare organizations more than $7 million per incident, according to IBM.

Capital One, meanwhile, seems to finally be shaking off the dust from its massive 2019 data breach, ranking second in this category. Banks have to defend customers against fraud but also proactively empower them with security tools and education.

This inaugural study, weighted based on responses to a consumer survey, ranks the seven largest Canadian financial institutions by assets according to their mobile banking capabilities. It presents detailed benchmarking data on the availability of 42 mobile features, selected by analysts based on their propensity to set FIs apart.

Data privacy has been a hot topic for years, but 2019 saw the conversation really gain steam, inspired by a series of high-profile data breaches and leaks that have put a spotlight on some of the most important technologies driving digital marketing and regulators to take a second look at advertising and marketing tech solutions.

Shifting consumer attitudes and new regulations have raised the stakes on personal data protection. Today, privacy is more than a compliance concern—it’s a key opportunity for differentiation. This is particularly true for emerging tech platforms and applications that rely on users’ trust to grow.

In Apple’s case, the mental health data it’s collecting could be leaked in an Apple data breach, putting consumer trust at risk. Plus, about 59% of US adults already say they have little to no trust in companies like Apple and Google to protect their personal privacy, per an April 2021 survey by CivicScience.

Since they operate over digital networks, RPM solutions are susceptible to data breaches—adding fuel to patients’ data privacy and security concerns, and hampering further adoption of the tech.