Data protection is essential for ensuring personal data is safely secured and used correctly. Safeguarding private information is critical for business, whether the data is stored on paper or in electronic files.
With most of our data now stored online, it is more vulnerable to cyber criminals and attacks. Therefore the Data Protection Act 2018 was updated to meet the needs of the digital age.
Businesses now work to develop a culture of awareness about digital threats, which in turn helps to foster trust between customers and themselves. That is especially important for businesses that operate in the financial sector, where trust is a cornerstone of company growth.
Why internet security matters
The most common cybercrime that affects the financial sector is identity theft. According to TechHQ, data breaches driven by identity theft cost the country almost £4 billion yearly, and over 140 million files have been breached since 2013.
Identity theft involves the unauthorised use of an individual’s personal information, such as national insurance numbers, credit card numbers, bank accounts, and other financial information, to commit fraud or other financial crimes.
Other most common forms of cybercrime include:
- Phishing attacks
- Account takeover
- Malware
- Data theft
- ATM skimming
- Identity theft
- Payment card fraud
- Insider trading
- Money laundering
Decision Intelligence can help prevent cybercrime because it provides automated security protocols that detect and respond to malicious activity in real time. These automated systems can detect patterns in network traffic, flag suspicious activity, and even take automated actions to prevent cyber attacks from occurring.
Additionally, Decision Intelligence can improve authentication processes and user access control, helping to protect sensitive data from unauthorised access.
Technology-led strategies for greater internet security
As identity thieves and malicious users advance technology, organisations must continuously improve their online security measures. Data breaches and other security infringements are at an all-time high, making internet safety more important than ever.
Identifying data leaks in complex financial services requires unique resources that can detect potential breaches accurately and consistently.
Decision Intelligence for risk mitigation
Data protection is essential for making sure that personal data is safely secured and used appropriately. Safeguarding private information is critical for business, whether the data is stored on paper or in electronic files.
With most of our data now stored online, it is more vulnerable to cyber criminals and attacks. Therefore the Data Protection Act 2018 was updated to meet the needs of the digital age.
Businesses now work to develop a culture of awareness about digital threats, which in turn helps to foster trust between customers and themselves.
Technology-led strategies for greater internet security
As identity thieves and malicious users advance technology, businesses must continuously improve their online security measures. Data breaches and other security infringements are at an all-time high, making internet safety more important than ever.
Identifying data leaks in complex financial services requires unique resources that can detect potential breaches accurately and consistently.
Decision Intelligence for risk mitigation
Artificial Intelligence powers self-learning technologies that are pre-trained to identify threats in structured and unstructured datasets. All learning from previous successful analyses is retained for future examinations.
With Rainbird’s Decision Intelligence, you can also codify human knowledge and expertise. The codified knowledge gives businesses an added layer of protection as Rainbird not only identifies a potential threat but also offers a level of certainty that the threat is genuine, with a full explanation of the results.
These explanations save human fraud investigators hundreds of hours completing threat verification protocols and significantly reduce the number of false alarms. The increased accuracy keeps businesses ahead of cyber criminals, and the automated audit trail makes litigation much less likely.
Why organisations have to manage risk
No business is an island. Organisations within the financial sector are most at risk of data breaches – especially companies that offer investment services, assurance, consulting, strategy, transaction management and tax. They have a duty of care to manage their customer’s data safely while managing some level of exposure.
Organisations responsible for customer capital growth are the most vulnerable and heavily subjected to regulatory monitoring.
Nevertheless, promoting trust and confidence in your businesses is a priority for all organisations that transact within the digital economy. Harnessing powerful technological tools like Decision Intelligence protects you and your customers and can also bring new and innovative products and services to market. Your human teams have more time to refocus their efforts on other areas of the business.
Technology is also helping us to bridge the gap between businesses and their customers. Robust data protection protocols instil trust in your services. This is becoming more challenging post-pandemic, because the rise in scams has made consumers distrustful of transacting online.
Businesses are facing a tidal wave of new internet scams – expected to increase over the next 12 months. For any business looking to outpace the competition, getting ahead of the wave is wise.
Data Protection: A Case Study
A Big Four professional services organisation that deals with sensitive information on behalf of its clients realised that they spent too much time on highly technical work. The work involved the seamless use of data in complex cross-border scenarios.
The problem
The client required a team of highly skilled specialists to handle the data safely and ensure they were compliant. They realised that they were losing opportunities due to the amount of time each case took to resolve.
What they needed was a tool that could codify expertise on the use of personal data in such a way that kept the data private, safe and secure from those with malicious intent.
They reached out to Rainbird to create a secure knowledge map that helped the team in making complex decisions on behalf of their clients. The model considered many factors, such as data sourcing, legal restrictions, country of origin and use and intent.
The solution
Rainbird worked closely with the client’s global risk team to build a robust solution that enabled them to create an entirely new offering for their customers. The end user can safely use the solution because their data is stored and secured, even when used abroad.
The outcome
With help from Rainbird, the team now has access to mid-market opportunities that otherwise would be above scope. These opportunities equate to millions of pounds worth of potentially new, recurring revenue, dozens of new customers, and greater protection against digital attacks.
Protecting your data with Rainbird
Rainbird creates secure operating environments for businesses. Our decision intelligence platform makes data protection more straightforward and convenient because it combines the latest technology with human expertise.
We model knowledge graphs based on expert industry experience, layering them with regulatory information and updating them easily in real time.
Rainbirds audit trail provides businesses with an easy explanation for every decision made. This enables you to continue to offer excellent, secure services to your customers without additional staffing or resources.
Learn more about how Rainbirds Decision Intelligence can help keep your organisation safe from cyber threats. Get in touch with our automation experts or book a free demo today.