A Zogby Interactive survey of U.S. adults found consumers rate the security of their electronic banking transactions and financial data as being more important than any other banking service; and nearly eight in 10 would forego speed of use for added security when it comes to online banking.

The survey, commissioned byBooz Allen Hamiltonunderscores important consumer security expectations for banking and investment institutions that manage their personal finances. This month,Booz Allen Hamiltoninaugurated an extension of its government consulting practice further into the commercial consulting arena, following the expiration of a non-compete agreement with the business it spun off three years ago, known as Booz & Co. Booz Allen is focusing its initial commercial consulting efforts on providing cyber-related services for the financial, health care and energy markets and in select locations in theMiddle East.

Specifics of theJuly 2011Zogby survey, which polled 2,160 U.S. adults, include the following:

• 78 percent of consumers would be willing to sacrifice some convenience and provide an additional level of authentication online (something in addition to a password) before accessing their bank or investment account if the process provided greater security.
• 66 percent of consumers said they believe banks — not government — are "most responsible" for securing customers' financial assets.
• 42 percent of consumers said they would be "likely" or "very likely" to switch banks in the wake of a cyber security hacking involving their bank.
• 20 percent of consumers said they have used a mobile device to access a bank or retirement account in the last month, but those 18-34 years old are almost twice as likely to use a mobile device as those between 35 and 69 years old.
• 21 percent of consumers said news of recent financial information security breaches have caused them to change the way they access bank or retirement accounts or interact with financial institutions. Those between 35 and 69 years old are nearly three times as likely to have changed their behavior as those between 18 and 34 years old.

"This survey shows, when it comes to online banking, people value security over speed, and that they are holding their banks and investment institutions responsible for the safety of their electronic banking transactions and financial data," saidBill Wansley, Senior Vice President. "It's clear that consumers are aware, concerned and reacting to this spectre of cyber attacks in the realm of their personal finances."

"Banking and investment institutions face attempted attacks every day from persistent cyber hackers, and the ability to prevent intrusions and immediately respond to any successful attack is critical for the stability of financial institutions," Wansley said. "Additionally, the use of mobile devices for banking, particularly among young people, is growing, and the uncertainty of security issues related to mobile devices is another driving factor in the need for institutions to rethink and update their approach to data security."