Investing in digital security can be hard for small-to-medium-sized businesses. Not only is the investment cost daunting, but it’s difficult to know where to invest when you’re not getting any clear direction from your IT company. To help you get started with securing your business digitally, here are some benefits of investing in digital security:
- Increased protection+69 against cyberattacks and data breaches.
- Better visibility of what’s happening on your network by knowing who has access to it and what they’re doing on it.
- Faster detection of threats that could otherwise go undetected until too late. Investing in a good service provider will make all these benefits possible – which is why we created our simple guide below!
- With a facial recognition system, security at your business can become even more robust
Cybercriminals also target small businesses more than any other size company, largely because smaller businesses are seen as softer targets. According to CISA, the average cost of a cyberattack for small businesses is $8,211, and 36% of them close down within six months.
One way to protect your business against this is by investing in KYC software. KYC (short for “Know Your Customer”) refers to the process of determining whether a customer or client is involved in any kind of suspicious or illegal activity. KYC checks can be done online and usually involve checking against databases that store information about potential threats – such as terrorist watch lists and sanctions lists.
Increased Visibility of what’s Happening on your Network
Investing in digital security will allow you to have better visibility of what’s happening on your network by knowing who has access to it and what they’re doing on it.
This allows you to meet the KYC standards that are now becoming mandatory in some countries. KYC checks are done to confirm that customers and clients aren’t involved in any illegal activity.
Customers and clients will be able to log into your website using their government-issued Ids such as passports or driving licenses, which can then be instantly verified against databases of known threats – such as terrorist watchlists and sanctions lists. KYC is a key pillar of security for banks and other financial institutions. KYC also helps you meet anti-money laundering (AML) regulations.
Faster Detection of Threats
Investing in digital security will allow you to make use of facial recognition technology when verifying identification documents issued by central governments – this way, not only are KYC standards being met but the possibility of someone trying to interfere with or copy valid identification documents is eliminated.
Flexible KYC policies KYC can seem like a time-consuming and laborious process, but KYC processes themselves should be as streamlined as possible: KYC policies must be flexible enough to take into account different geographies, cultural differences, and customer behavior. KYC needs to become increasingly intelligent by integrating AI and machine learning technologies – this will allow KYC processes to scale without increasing labor costs or headcount.
Before investing in digital security, KYC used to be done with help of employees who had to check each customer manually which is time-consuming and can fail if not performed correctly. KYC software has an artificial intelligence system embedded into it that automatically checks customers against watch lists. A human operator only has to click the “approve” or “deny” buttons on each customer so they will be added to certain lists. If there aren’t any threats found during the KYC process, then KYC software can store all information about that client for future reference, ensuring that your business stays compliant with KYC regulations at all times.
A top-quality KYC solution is not only an effective deterrent to fraudsters, but it can also help identify attackers before they can harm your business. When assessing KYC software providers, consider how well their solutions perform user behavior analytics (UBA). UBA can flag users who act suspiciously logging on at unusual hours or sending large volumes of data when they use KYC software for identity verification purposes.
The cost of an attack on a business has never been higher than it is today – this goes for small businesses as well as large corporations.
Here are just some examples of how major companies have had their data breached in recent years:
Home Depot: The breach compromised an estimated 56 million credit-card accounts and exposed an additional 53 million email addresses.
LinkedIn: In 2012, it was revealed that the social media platform experienced a data breach in which hackers gained access to 6.5 million user passwords.
Target: In late 2013, the retail giant revealed that cyberattackers had accessed 40 million customer credit card numbers as well as corresponding names, email addresses, and phone numbers.
Under Armour: In early 2018, the company discovered a massive trove of roughly 150 million users’ data on an unsecured server belonging to one of its subsidiaries called MyFitnessPal.
This is just a small list of some of the big-name companies that have been breached recently and there are many more companies that we haven’t heard of that are being compromised by cybersecurity threats every day.
It’s more important than ever to invest in digital security for your business. KYC is one of the most efficient ways to gain peace of mind when it comes to your clients, customers, and employees. KYC follows the KYC principle that businesses should gather enough information about their clients using digital KYC software solutions to ensure they are who they claim to be.
With a facial recognition system, security at your business can be even more robust
Recently, the use of face recognition technology has become invaluable protection for clients who are at risk from identity theft. The camera on your phone can take a picture and then compare it with what’s in-memory storage – which makes this system much more secure than traditional methods such as passwords or PIN numbers.
Facial recognition software helps banks, governments and organizations verify customer identities with KYC in order for clients’ transactions can go through without any problems or interruptions; AI-powered algorithms scan faces for matches against government databases so individuals won’t have their rights violated when entering new facilities, there’s face recognition technology which uses images of people looking straight ahead into cameras while tracking them from different angles – all this does away with traditional ID photos.
How can you take action to protect your business today? Jumio makes it easy to keep track of all of your data protection by analyzing each step through data insights gathered on their platform.
As KYC becomes more important in financial services, Jumio is focused on helping their customers boost security by streamlining know your customer throughout the transaction lifecycle.
Thanks for reading about the benefits of investing in digital security for your business! We hope you learned more about its importance and take action to protect yourself and your business.
To learn to know more about how to address your investment needs, refer to this article and upgrade your financial literacy.