Data Breach Degrading Your Brand Value: Keep An Eye
The frequency of data breaches continues to propel at a breakneck speed. Revealing the alarming growth of data thefts, the Identity Theft Resource Center confirmed that 1,093 data breaches were recorded in 2016 for organizations across the US. According to the Ponemon Institute research, the average cost of a data breach during 2016 was over $7 M with an average cost of $21k per day.
Data Breach Trend in 2017
The trend has continued to rise in 2017 as fraudsters adopt zero-day vulnerabilities, phishing and point of sale malware:
Brand Reputation Suffers a Perpetual Decline
The report by Forbes Insights stated that 46 % of merchants and financial institutions suffered damage to their brand value because of data breaches. Owing to this, the biggest issue faced by organizations is the dwindling customer trust perpetuating customers to turn to other brand names, skeptically impacting the organization’s brand reputation and finances. A survey of 2,000 adults conducted in the same study stated that 76 % of customers would change their companies due to data breaches.
Combating Data Breach with Quatrro Processing
Quatrro Processing provides comprehensive data breach protection with enhanced parameters of defense via Open API. We advocate that there is no silver bullet to combat data breaches and therefore adopt an amalgamation of technology and advanced behavioral analysis for 24x7x365 protection. Monitoring is offered in real time ensuring that merchants and financial institutions can focus on core business imperatives, while Quatrro leverages the brand reputation development.
Quatrro provides 360° fraud prevention by reviewing each transaction for safeguarding the customer trust. The decision meets high accuracy by the integration of relevant external data to supplement transaction data in Quatrro’s decision platform.
Quatrro brings into practice machine learning models/algorithms for predictive breach prevention and rules mining for containing fraud. BIG Data and multiple authentications enabled by Open API help in assessing fraud patterns and trends, lowering frauds. We welcome your thoughts and suggestions. Feel free to share your ideas and questions on data breach prevention in the comments section below.
Originally published at www.quatrroprocessing.com on June 28, 2017.