Data has become one of the most valuable assets business can use as it can influence different areas of business operations. From using customers’ feedback in updating current products or their interests in creating a new one, to creating successful marketing plan by using data analytics, there are numerous ways in which having the right data can make a difference between having a successful business or a struggling one. If the data can be such an important part of the business, why not use it also for protecting it? By utilising tools for data collection, you can create an effective cybersecurity strategy.
It is time to accept the fact that online fraud is everywhere and that nobody is safe any longer. What was an unfamiliar concept just a few years ago, now has become an ever present threat and a part of our daily lives. Not only that there are news articles about cyber attacks happening on a daily basis but you just need to take a look into your spam inbox to see the evidence of them. Situation has become even worse since the start of the Covid 19 pandemic that has forced people to stay indoors and spend more time online. The Internet has made pandemic easier to deal with, but at the same time it has given easier access to cyber criminals. Staying passive and hoping you won’t become a victim isn’t an option. It is time for companies to step up and protect their businesses and their users.
How to use data for business security?
With data collection tools like data enrichment businesses can gather more data about their users and use it to protect the business from cyber attacks. Data enrichment tools collect information from different third party databases which is then used to enrich the original raw data you have initially collected from the user. While this process has been commonly used in the sales and marketing departments for targeted marketing campaigns, its use in cybersecurity is even more impressive though still under-utilised in the business world.
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Data enrichment in cybersecurity can be used to create a unique profile for each user and to identify legitimate users activity patterns. This useful tool can be used to identify any changes in the user’s unique profile that might indicate fraud attempts such as an account takeover or identity theft and to prevent it before it can make any damage to the business. Cyber attacks like account takeover and identity theft are a growing trend and it is time to start fighting against them. According to FBI data, the FBI has received about 30,000 reported cases of identity theft nationwide in just the first four months of 2021 while there were only 40,000 cases reported throughout the entire 2020. Who knows how many cases have been unreported and what the actual number is? The only thing we know for sure, is that number is going to continue to grow.
Using data in the fight against cyber threats can present all the advantages you need to get ahead of cybercriminals. For example, lending companies would reduce the risks of loan fraud as they would be able to check the identity of the user that is applying for a loan and see if the details the user has provided match the details you have gathered by using data enrichment tools. Or it can gather more data about a user’s email address and indicate if it was just created or was it already in use for a while as in most cases cybercriminals will create a new email address when they are conducting their fraudulent actions. It can even give you an indication if that email address has been used to create a social media account, as lets be honest, there is hardly a person that doesn’t have a profile on at least one social media platform.
By noticing all of these red flags, you will be able to make more informed decisions about the further actions like implementing additional verification methods for suspicious users or even just blocking them from accessing your network. Combined with additional security measures, it can give you an advantage when it comes to protecting your business and your customers.
