The big data era has been a double-edged sword for online security and the safety of digital businesses. On the one hand, data analytics tools have created a number of new privacy protection services that help deter hackers. On the other hand, the growing reliance on big data has made companies more vulnerable than ever.
Some of the statistics on data breaches are horrifying. One study found that 60% of businesses fail within six months of a data breach. While this statistic should wake some companies up about the risks of online data vulnerabilities, it doesn’t provide enough context.
Many businesses don’t recognize that a lot of data breaches are started because of social engineering strategies. Many of them start with a phone call. Even major companies like Twitter have been hacked, because employees fell victim to a social engineering scam.
Fortunately, data analytics tools can prevent these issues. You just need to know hot to use data technology to your advantage. Both scammers and spammers exist in the real world, and we have to take active measures against them to prevent them from getting through our security. Phone verification is one of the ways that you can do that.
Why Do You Need It?
Data breaches could result in poor customer service, and if this happens, it can damage your business reputation. Especially over time, that will mean less customer retention, lower customer loyalty and you could even face financial and legal repercussions. In fact, did you know that HIPAA violations can range anywhere from $100 to $50,000 for each violation? For a small business, a single violation can put their business under water. You can’t afford to let unscrupulous individuals have this power over your company. You can take active measures now that will handle it for good.
This is why every company needs to use the best data privacy tools on the market. They can’t afford to overlook technology that prevents phone scams, since they often lead to data breaches.
How to Determine if You Need It?
Do you need big data tools to safeguard your business? If there is a huge risk of a data vulnerability, then you should probably take advantage of it.
Let’s say that your business has recently faced a lot of fraudulent signups. You can lower the amount of fake signups through validating that you have, in fact, had real humans sign up. If you have anything that requires some level of security, you might find it valuable to have this put in place because it will raise your security. You will protect your brand, your reputation and your users. In many cases, it makes sense to have phone verification especially with sensitive subjects because it ensures that only the best use your services.
Why Fake Accounts Get Created
Cybercriminals will often open an account in someone else’s name because it becomes the first step to stealing their identity. On social media platforms, they might create a fake account to do what is known as social engineering where they trick the user into giving out money to a friend or family member that is actually a scammer. This can give the whole platform a bad name when this runs rampantly.
Verifying users adds another layer of protection for your users. It ensures that the people who would do harm will have to cross through another layer of protection.
Use Data Technology to Stop Phone Social Engineering Scams
As the Twitter data breach shows, many security breaches are caused by social engineering scams. They often are initiated through a phone call. You should invest in phone verification tools to prevent a future data breach.