Backup and data security became tightly intertwined and 2017 will likely be remembered as the year of headline-grabbing breaches and worst-case cyber attacks: The WannaCry And Petya Ransomware Attacks. It is reported to have hit more than 300,000 computers in 150 countries causing billions of dollars of damage affecting hospitals, businesses and banks across the world. Let’s take a look at some of data privacy trends in BPO for 2018:
The Equifax Breach
Approximately up to 143 million Americans had their personal identifying information compromised which caused Equifax stock drop and lost almost $5 billion in its market cap.
These are only a few of the major cyber attacks and big settlements in 2017 which disrupted thousands of businesses and government services worldwide.
Uber’s Massive Hack
Uber paid hackers a staggering $100K to salvage its reputation when its 57 million users and drivers personal information such as phone numbers, email addresses, and driver’s license numbers got stolen and compromised. Now the company is facing several investigations in the U.S. and Europe and a meandering class action litigation.
Yahoo!’s 3 Billion Accounts Record-Busting Data Breach
The mind-boggling number is three times greater than the 1 billion affected estimated users accounts reported by Yahoo when they first disclosed the breach in Dec. 2016. Compromised customer information included usernames, passwords, and in some cases telephone numbers and dates of birth.
Looking Ahead to 2018
If one can make any safe predictions for 2018, it is that this trend of serious breaches will, unfortunately, continue and even potentially accelerate.
Meanwhile, researchers hope that 2018 is the year organizations consider making the necessary changes and therefore believe the state of security will improve.
DATA PRIVACY TRENDS IN BPO FOR 2018
Here are the trends, challenges, and threats that awaits us all in the BPO Sector
Ready for the General Data Protection Regulation (GDPR)?
The new, sweeping regulatory requirements that the GDPR imposes, which becomes effective on May 25, 2018, will require organizational changes with new resources, processes and procedures for companies worldwide.
AI and machine learning are a game changer:
We have seen identity fraud attempts increase year-on-year, it’s not surprising that artificial intelligence (AI) and machine-learning are being rapidly developed as an aid to identity authentication that can boost cyber defences.
Strengthen your Q&A security protocols:
In the recent Global Call Center, Fraud Report by Pindrop Identity theft spiked in attacks by more than 45 percent. With that in mind, it’s more important than ever to equip your agents with security questions that only the genuine customer can answer and something that doesn’t appear on documents.
Encrypt Critical Business Data
With security being a key concern for businesses, and exposure can be so costly, embarrassing and damaging to the organization’s reputation and destroy customer confidence. Therefore, its very important to deploy best practices in security not just for PCI, but also in general.
Does a name Brian Matty Hagen ring a bell to you? In a classic case scenario, one enterprising Bank of America employee got nabbed for attempting to trade in identity-rich information he tediously gathered in an analogue fashion: pen and paper and an innate sharp memory. Technology alone can’t be the only answer to this age-old “insider threat”. Be especially vigilant and provide a means for your employees to conveniently and safely report suspicious activities.
At Technoheight, we create customized solutions to meet your specific business needs. We work to understand your industry, business, specific value proposition, and brand promise in order to partner with you and ensure congruence at the point of customer contact. Work with a company that invests in its people, processes and technology allowing you to focus on your core strengths.