In 2018, 2.8 Billion consumer data records in the US alone were exposed with personally identifiable information (PII) making up 97% of the total information. As per recent reports published during January 1, 2018 to March 31, 2019, the compromised records led to losses totaling more than $654 Billion.
Healthcare industry is by far the most likely to be hit with breaches. It is responsible for nearly half (48%) of all breaches that happened which is more than 4-times of the percentage seen in any other business sector.
Fraudsters are illicitly harvesting breached data and thus putting millions of record containing personal information at risk. Yahoo and Equifax data breaches during the past years have made the headlines for quite long. The stolen data shows up in the dark web for purchase and is used for credential stuffing with the help of online bots to test the login credentials on numerous websites as well as facilitating account takeover (ATO) attacks.
Data Breach Facts And Figures
Let’s quickly dive through a few facts and figures to understand the impact of data breach better.
- The average cost of a data breach is approximately $3.86 million
- The extensive use of Internet of Things (IoT) devices increased the cost per compromised record by $5
- The cost of lost business after a breach for US organizations adds up to $4.2 million
- Cyber attacks are considered among the top risks to global stability as one cyber attack occurs in every 39 seconds
- 58 % of data breach victims belong to small businesses
- Card-not-present fraud is 81 % more prevalent than POS fraud
- The average time to identify a breach across all industries is 197 days
- By stealing only 10 credit cards per website, cybercriminals earn up to $2.2 million through form jacking attacks
Data Breach Can Shake the Core of Your Businesses
When a business falls victim to a data breach, the damaging after-effects are huge. The unplanned outages caused by data breaches cost businesses millions per day on average.
The breach has a massively negative impact on a company’s goodwill and damages its reputation. Loyal customers lose confidence in the brand and feel insecure with their data security in the hands of the company. This also puts off potential customers, jeopardizing the company’s future growth. If personal or financial information of the company’s staff or customer is breached, then they are exposed to the risk of identity theft. The business could also face the risk of physical data loss which would take years to retrieve without any guarantee.
The Answer Lies In an AI-Enabled Fraud Prevention Solution
AI and robotic process automation (RPA) is used for both attack and defense, making it more complex to analyze data and updating the fraud preventive measures. Evading a data breach is not enough; complete security is the solution for leveraging automation which will mitigate fraudulent transactions and ongoing account takeover (ATO).
Protecting the business from cybercrime is crucial to retain the customers trusted and long-term relationships. Businesses must implement enterprise-level fraud detection and management that work across all payment channels.
QPS offers 24/7/365 days of comprehensive fraud detection & prevention solutions to businesses of all asset sizes. Our services are integrated with advanced FinTech to provide end to end cross-channel fraud protection and 100 % anomaly detection. QPS’ globally acclaimed anti-fraud solution empowers businesses to operate efficiently and control fraud costs, helping them serve their customers, increase their revenue and enrich the customer experience.
FRED® – An Ultimate Weapon Against Cyber-fraud
QPS FRED® – A Fraud Prevention platform brings together an unmatched span of functionality combining comprehensive artificial intelligence and machine learning techniques that can adapt to an ever-changing financial crime environment. QPS propagates FRED® to address fraud threats arising through sophisticated cyber-attack techniques. Its core AI enables the machine learning to design and implements algorithms to learn things from past cases and facilitate RPA at various thresholds to customize rules for real-time analysis.
With the advanced risk-ranking algorithm, FRED® will transform unstructured data into useful intelligence for accurate decision making. This helps to manage cybercrime while reducing false positives and allow legitimate customers to access services quickly.
Rapid advancement in technology has made financial crime more complex and hostile as it is getting executed through several points of attacks. Our solutions are designed to help in minimizing the impact of data breaches on businesses and achieve security in a rapidly changing fraud landscape and safeguard your revenue and customers trust. Give us a call or write to us and we will assist your business with our best fraud prevention solution.