Data breaches are big business. Are you prepared?

If you think a cybersecurity breach is inevitable, you’re not alone. That’s what 84% of CISO’s in North America believe.1 And with 4.5 billion data records compromised in the first half of 2018 alone,2 you’re better to assume a breach will happen – because it’s virtually impossible to be 100% protected.

Businesses need to plan accordingly in order to limit the damage and manage the fallout when a breach does happen. Because you have a responsibility to your customers. They need to know how and where their exposed data may be leveraged for identity theft and financial fraud.

Limiting the fallout – why it matters

1 in 3 Canadians have been hit by identity theft.3 It’s a crime that’s far more insidious than credit card fraud and almost always goes undetected until the damage is done―long after the breach. Identity theft impacts your customers’ mental health and wellbeing, their financial situation, and personal relationships. And these things are a risk to your organization and brand.

How to prepare for the worst, with ID Assist

ID Assist is the 911 for data breaches – a turnkey solution you can roll out immediately to limit the damage for your customers and brand in the event of a crisis.

ID Assist acts as an early warning system, alerting your customers to signs of identity theft and financial fraud. And our experts will help restore their identity if it’s been leveraged by criminals following a breach.

Risk-ready organizations are making ID Assist an integral part of their breach readiness plan. ID Assist’s secure technology is trusted by major Canadian banks and over 500,000 Canadians.

4 reasons to add ID Assist to your breach readiness plan

1. Save time during a crisis

When a cyber incident occurs, there’s no time to waste. Building post-breach tactics into your plan will ensure you’re prepared for the fallout.

2. Keep your reputation intact

If a data breach doesn’t tank your brand, an inadequate response might. Research shows that companies that react quickly recover faster from negative effects.4

3. Comply with data breach laws

Canadian organizations are legally required to report customer data breaches. Being proactive now could lower the cost of managing the breach, and reduce the risk of lawsuits and penalties.5,6

4. Show customers you care

When customer data is compromised, trust and loyalty fade. Helping customers protect their information after a breach will go a long way.

How ID Assist works

• We monitor your customers’ identifiers 24/7.
• We’ll update your customers when we find something suspect.
• We help to restore their identity.

Connect with us before a breach happens and you’ll get:

• Preferential pricing
– You don’t need to pay for ID Assist until a breach occurs, but arranging things in advance means you can lock in our best rates.
• Fast reaction times – Establishing our agreement now means you can get everything signed off by required parties before everyone’s scrambling in a crisis. So you can roll out ID Assist immediately as part of your outreach program post-breach, without delay.

Find out more at www.idassist.com/en/breach, or call us at 1-888-882-2302.

This blog post is sponsored by D+H Retail Solutions.

Sources:
1. https://www.marketwatch.com/press-release/survey-finds-that-84-of-cisos-in-north-america-believe-cybersecurity-breaches-are-inevitable-2018-10-25
2. Financial Post: "Data Breaches Compromised 4.5 Billion Records in First Half of 2018"
3. https://www.cpacanada. ca/en/connecting-and-news/news/media-centre/2017/march/cpa-canada-fraud-survey.
4. Forbes: "How Companies Can Rebuild Trust After a Security Breach"
5. Canadian Lawyer: "Preparing for Canada's New Mandatory Federal Data Breach Regulations"
6. PWC: "Get ready for mandatory breach notification in Canada"
7. https://www.idtheftcenter.org/ images/page-docs/AftermathFinal_2016.pdf

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