2016 saw action against several high-profile companies, Yahoo, Three Mobile and Tesco Bank to name a few, for data breaches that exposed the details of large numbers of customers.

The cost of such breaches go much further than just the financial impact. Customers think of security breaches as a violation of trust resulting in a loss of reputation and business that some companies may never recover from – that’s all before the legal action starts!

Not to mention the logistical and administration headaches that such a security breach would cause. How does managing the detection and escalation of data breach incidents sound? Such as investigative work, audits and assessments, crisis management, plus communications and reports to directors and stakeholders?

Then you need to tell your customers that their personal data has been compromised. This includes IT work associated with the creation of contact databases, determination of all regulatory requirements, engagement of services for consumer protection (such as identity theft services and credit report monitoring for individuals), postal expenditures, and the setting up of secondary contacts to mail or email bounce-backs and inbound communication.

It’s tiring just thinking about the consequences! Have these compromised companies now invested in the right technology to provide a more secure service? What technology should you be considering if you are in an industry where data protection is vital to your business.

The best way for an organisation to protect against losing sensitive data is to completely avoid being exposed to it in the first place. Our patent-pending solution intercepts and processes sensitive customer data such as their card details, before it enters an organisation, so that if a data breach does occur and the company is using our solution, card details are never recorded and therefore risk to the business, brand, reputation and its customers is minimised.

Learn how we help the Insurance industry, or how we can help you mitigate your risk with the 2018 EU Data Protection Regulations.

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