Data breaches: embedding security is your secret weapon
The cost of data security breaches is rising - but few companies have realised that automation can help protect sensitive information and save them a fortune, according to a top report.
As we explored in our last blog, the total cost of data security breaches has increased. On average, it's now estimated to be £3.7m for UK companies and US £7.9m for American organisations, according to research from the Ponemon Institute, which interviewed thousands of professionals*.
The numbers start to rack up when you factor in the cost of detection and notification, through to business disruption and fines. Worse still, the cost really escalates when a company's reputation is tarnished, goodwill evaporates and customers begin to walk away.
But deep within the Ponemon report, there's a surprising fact: only 15% of companies deploy full security automation.
When tech does a better job
In many areas where safety is paramount, we put our lives and our valuables into the hands of automated systems. Just think about aircraft navigation, skyscraper elevators, smoke sensors, sprinklers and burglar alarms. If there's a way to harness technology to make life simpler and reduce risk in an affordable manner, then we'll take it.
So it's strange that valuable customer data isn't usually treated in the same way especially when the stakes have never been higher when you bear in mind the General Data Protection Regulation (GDPR), PCI DSS rules on secure payments, and other data safeguarding requirements.
Just take contact centres for instance. The traditional approach for achieving PCI DSS compliance means investing heavily in time-intensive, manual processes to protect valuable data, such as cardholder details:
This can include:
Ponemon's own definition of security automation refers to technologies that augment or replace human intervention in the identification and containment of cyber exploits or breaches.
Such technologies depend upon artificial intelligence, machine learning, analytics, and orchestration. According to Ponemon, these systems pay off. For example, the cost of a breach is estimated to be £1.55m less for those companies with full security automation.
But it's possible to embed security measures at the earliest stage ... and significantly reduce security risks.
For example, Eckoh has devised ways to:
payment acceptance and processing happens through a hosted, secure platform provided by Eckoh.
What's more, it's fast to deploy automated security measures like these. You don't need to rip and replace your existing contact centre systems.
Get your free copy of The definitive guide to PCI DSS compliance for contact centres. You can find out how to make sure sensitive cardholder data is not exposed, secure newer channels like Live Chat and Apple Pay, and avoid the cost and complexity of achieving PCI DSS compliance yourself.
With the right solutions in place to protect sensitive data, you can keep out the fraudsters, boost your business agility and save money at the same time.
If you’d like to know more about how Eckoh can help protect your sensitive data just give us a call on 08000 630 730 or drop us an email at email@example.com
* '2018 Cost of a Data Breach Study'- IBM Security and Ponemon Institute
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