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A data breach is something everyone must be able to identify in any organization. However, a few wrong decisions made by one or two people can quickly increase into a destructive breach. The result is a loss of revenue and the customers' trust.
FREMONT, CA: There isn't an industry safe from data breaches. From banks and credit organizations to hotel and restaurant chains, academic institutions, and more, hundreds of millions of individuals have had their personal information stolen—all via the companies with whom they do business. Companies should protect consumer data because transparent companies lose less money, and consumer information is safe from predators.
The consumers need to take it upon themselves to use the available tools designed to protect them. The corporations also need to step up to the plate for a long time to ensure that they are doing what they need to protect themselves and their customers more importantly. Businesses cannot idly stand by as they provide a gateway to these criminal acts.
Fraudsters do not approach account access in a siloed manner. They take advantage of the growing channels and devices that pose new entry points for perpetrators. Organizations also need to understand that new and repeat career criminals attempt to steal from institutions every day. If they find a channel weakness, they will continue to go back to that channel and then pivot to another when that first channel doesn't work.
To truly combat fraud, businesses need to have a cross-channel security approach that stops fraudsters wherever and however they attack. It means investing in the right tools to protect them and making sure that these technologies are capable of fraud detection, fraud prevention, as well as authentication. Taking a multi-authentication approach is critical. Proven technologies like voice biometrics, behavioral biometrics, device prints, face prints, and technologies that can detect social engineering are crucial to identifying and stopping this fraud.
So, the organizations, instead of worrying about how to avoid blame for a data breach, it’s far better to reduce the chances that an incident will occur in the first place.