In light of the recent issue Electric Ireland reported, where an employee from a third-party provider is believed to have accessed around 8,000 accounts with customer’s personal and financial information, I was compelled to highlight where I see the real issue lies: Data Access Control.
So for #FraudWeek2023, I am asking financial services professionals, risk managers, compliance officers and anyone tasked with detecting and preventing fraud in their organisation to consider the real weakness: who has access to your data? (And if you’re interested in following where this issue is heading and what it means for the identity verification space, connect with me on LinkedIn to keep this conversation going.)
Assess your own vendors’ processes under the following three questions, before a weakness in their platform becomes your national headline. Equally, the ID-Pal team is available to assess your current processes and flag where these weaknesses are hidden.
Who has access to your customer data?
Strong data access control measures minimise the risk of data breaches or data flight, where sensitive information could fall into the hands of fraudsters. This is particularly important in sectors like banking or healthcare, where data breaches can have serious consequences.
Who is in control?
No organisation or business owner wants to see a headline relating to a data incident linked to their brand. Being consistent and rigorous in your vendor vetting and audits means you will choose vendors that can guarantee that only authorised parties have access to your data and operate in a way that is always secure and compliant.
Can they guarantee that?
Despite the best intentions for frameworks and systems, a data breach news headline is a reminder that in our interconnected digital ecosystem, the security of customer data is only as strong as the weakest link.
So, here’s a challenge for anyone reading this today (and you might have seen my post on LinkedIn on same): Reach out to your Identity Verification provider and ask them one simple question – “Do you have access to our customers’ data?”
I have a strong hunch at what the answers are going to be.
ID-Pal’s platform was built during the rollout of the General Data Protection Regulation (GDPR) ensuring the way it was designed complied to the most stringent data regulations and highest standards in data protection. Our commitment to data privacy is absolute. We ensure Zero access to your customers’ data – Zero.
If you think it’s time to reduce the risk this presents to your business, talk to our team or schedule a demo via sales@id-pal.com or directly on our website: Watch How The Solution Works – ID-Pal
CEO & Founder, ID-Pal
Colum Lyons
