Data breaches can strike any company, big or small, with some high profile cases including Netflix and Facebook hitting the headlines earlier this year*. Whilst much focus is on preventative measures to avoid the breaches in the first place, businesses also need to have the right steps in place should their customer data become compromised.
New YouGov research commissioned by credit information provider, Equifax, and featured in a newly published whitepaper, highlights the impact a data breach can have on a brand’s reputation and customer loyalty.
According to the YouGov research, nearly two thirds (63%) of consumers would expect to be told of compromised data within a few hours. And it doesn’t stop with being informed of a breach - over half (57%) would expect to have a free monitoring service set up to alert them if their financial information is misused. The research also revealed that 61% would be unlikely to purchase goods or services from a UK company if it had suffered a breach in the past.
Responding to this issue, companies now have access to a new fraud monitoring solution, Equifax Protect, which can be set up within three business days to support their customers who may have been affected by a data breach.
“Fast, positive action is crucial for companies keen to protect their reputation and regain customer trust, after a breach,” explains Lisa Hardstaff, identity fraud expert at Equifax. “Equifax Protect can form part of a company’s strategy to prepare for and respond to a breach, as well helping them to meet regulatory guidelines. In addition, Equifax’s ready-made monitoring solution helps businesses to manage their reputation, as well as provide peace of mind to their customers.”
Equifax Protect enables businesses affected by a breach to offer their customers a range of tools so that they can react fast and take appropriate action to reduce the risk of fraud. Swift access to their own credit information will help consumers check if they have already been targeted by fraudsters. On-going monitoring tools will alert them to key changes to their credit information, which could be another sign of fraud.
Equifax Protect also includes Equifax WebDetect which proactively scans the networks, chat rooms and websites known to be used by criminals to trade personal information, such as credit card and account numbers. WebDetect will alert individuals if their information is found to be at risk so that they can take swift action.