You Need to Know Your Customer, But How Much Customer Data is too Much Data?

With cyber security threats, hacking and identity theft becoming more and more common it has come as no real surprise that President Obama this month unveiled a new cybersecurity proposal.

Just one day after the Pentagon’s own Twitter account was compromised, Barack Obama pushed a 30 day window for consumer security breaches, giving companies legal immunity for sharing information on attacks so that counter-measures can be coordinated. If implemented, the proposed legislation would toughen the response of the private sector by allowing companies to share information with government agencies. The plan seeks to ease privacy concerns by requiring participating companies to comply with a set of restrictions, such as removing “unnecessary personal information”.

But what can you, as a service provider, do to protect your customers? As reasoned in the proposed cybersecurity legislation, not asking for, or insecurely storing personal information will significantly reduce one of the assets that cybercriminals need to commit ID fraud. In the meantime, cybersecurity breaches are putting more customer data into the hands of the cybercriminals. To solve this threat, online businesses, such as Airbnb, Betfair, United Airlines and Foap are using tools like Jumio’s Netverify, which uses real-time ID verification technology so they know that their customers are who they say they are.

Together, our technology combined with the possible implementation of the proposed legislation, can help fight fraud and reduce the growing threat of cybersecurity breaches.

About Jumio Corp

Jumio delivers the next-generation in identity verification, enabling businesses to reduce fraud and increase revenue while providing a fast, seamless customer experience.