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Did You Know?: That Privacy is an Increasingly Critical Differentiator?
May 9, 2019
Did you KNOW…
In addition to battling fraud and delivering better user experiences, there is one area that is becoming mission-critical to every organization: privacy.
- Results of an online survey conducted by IBM revealed that for 78% of US respondents, a company’s ability to keep their data private is extremely important: only 20% percent completely trust organizations they interact with to maintain the privacy of their data. Furthermore, 60% are more concerned about cybersecurity than a potential war.
- Improper use or inadequate protection of consumers’ personally identifiable information (PII) is not only extremely damaging to the reputation of any business but can result in significant financial losses. The 2018 Cost of Data Breach Study published by IBM found that the average total cost of a data breach rose by 6.4% since 2017 to $3.86 million. The latest reported average cost is $148 per lost or stolen record.
- One of the most effective ways to eliminate the risk of re-identifying personal data in the event of a breach is to employ modern identity authentication solutions that use anonymous tokens and zero-knowledge architecture (a privacy protocol where only yes or no responses are passed as opposed to personal information.)
- The consumer benefit of zero-knowledge is that it minimizes the need to pass personal information in order to verify identity for security purposes. That means a more secure and convenient digital customer experience which is also more private, and meets the requirements of privacy based on consumer choice and controls in addition to thwarting fraud, ease-of-use, and compliance regulations. For Payfone, ‘Privacy above all else’ and is a core value and differentiator that is included in our Bill of Trust.