Security breaches cost more than ever; increasing visibility helps with data loss prevention
Data loss prevention is more important than ever. Even with the regular/rigorous training and vigilant compliance teams, it’s hard to have eyes on every action taken across an organization. Missing a data breach can cost millions and immeasurable customer trust. An innocent copy/paste can potentially expose sensitive customer information. Identifying interactions with the potential to leak customer information is vital. This is a challenge faced by almost every industry, in particular the fintech, banking, and trading platforms we work with.
Ensuring compliance at customer support centers
Financial service providers are faced with the challenge of avoiding risk and ensuring compliance at every level, including customer support centers. 37 Billion records were exposed through 3,932 privacy breaches in 2020. According to IBM, the average data breach costs a company $4.24M in 2021, higher than ever before. Remote work poses new challenges, as compromised credentials are the most common initial attack source are responsible for 20% of breaches. Consumer privacy laws are strict and resolving breaches quickly is critical (within 72 hours per GDPR, for example.) Beyond preventing issues, customer experience teams also need to be able to show their work in the event of audit and prove that their processes are compliant.
How to detect potential fraud or privacy risk
Customer service agents who are improperly trained or unaware of compliance guidelines pose the greatest risk to a company. Gaps in education here can happen for a variety of reasons, many of which have little to do with a specific representative. Being able to track specific process flows and knowledge article access can help identify where existing coaching can be improved or additional training resources should be implemented. Seeing how people interact with their tools across teams illuminates potential risky behavior. Furthermore, you can’t see what could potentially be leaking (or may in the future) if you can’t see how personal information is being handled across an organization. Working remotely only exacerbates these risks, costing companies an extra $1M on average when the decentralized workforce plays a role in a breach.
The challenge with compliance and data loss prevention is that the most innocent actions can present an opportunity for vulnerability. A simple copy/paste of a customer’s email from Salesforce to Slack could expose personal information. Toggling between tools without proper tracking can leak sensitive information. It’s hard to be confident that no information is leaving your system.
In theory, the more data you have the more informed your decision making. The reality is that customer experience and customer service teams complete so many tasks across different tools every day the overwhelming amount of data spread across multiple dashboards can be hard to digest. The key is leveraging a work insights platform, like Fin, that makes sense of all your agent activity. The sooner you can detect potential fraud or privacy risk, the easier it is to prevent data loss. The only way to know your team is serving your community best while also remaining in compliance is to have proof of their daily actions.
Solution: actionable agent activity insights to combat data loss prevention and provide an audit trail to achieve PCI compliance
On average, 15% of interactions could leak data, and some of our customers have uncovered that 20% of interactions present a risk. Fin helps teams identify the interactions and processes that could potentially be leaking data (like copy/pasting data into an external system.) Our Chrome browser plugin works across the tools your team already uses, providing a centralized insights hub for visibility. Fin also helps identify bugs or system issues that could present risk. Our work insights platform gives customer experience team leaders the data to affirm that their data loss prevention strategy is working and the confidence that their team is in compliance.
Learn how Fin can help you the way we help customers like Coinbase by scheduling a conversation with a specialist today.