Big Data Security Layer Integrations Desperately Needed
We live in a data driven world. Analysis of these bigdata allow industry to perform more efficiently, reduce costs, boost profits, and increase productivity.
The global big-data market will reach $450 billion by 2026, growing at a compound annual growth rate of 10%.[1]
However, In the new era of bigdata, we see an increased risk of fraud and data breaches that is outpacing the growth of the market.
In the first half of 2021 alone, the average cost of a single data breach grew to $4.24 million, a 10% increase over 2020. This alarming growth in costs occurred in only six months.[2] With a lack of sufficient security integrations, further increases in per-breach costs are expected.
As a result, millions of consumers will be at risk, and the companies who handle these data could be held liable. Over the past few years, fines, penalties, and settlements for big-data breaches have cost industry over $1.3 billion and growing.[3]
Many of these costly breaches occurred at companies who pride themselves in data security. Equifax, for example, was ordered to pay a minimum of $575 million in fines for a 2017 breach.[4] The announcement of this breach, on September 7, 2017, caused a $6 billion drop in the company’s market capitalization. The total financial and reputational costs were far greater than the fines.
You see, unless something is done (see below), no company, no matter how secure they believe their data are, is immune to data breaches. In fact, every company that handles data was, and still is exposed.
Without proper security protocols, integrations, and fraud tools in place, many of these companies will join the growing list of headline-grabbing data breaches and be fined hundreds of millions of dollars. Some may be forced to close their doors.
This alarming fact has many companies who handle bigdata rethinking their security protocols. In some cases, they’re scrapping their data protection and analytics systems altogether, redeveloping them and starting over.
However, doing so may be a costly and unnecessary task. New integrations are available that fit seamlessly into existing data security and fraud systems. They operate within currently developed systems, cost a fraction of a complete redevelopment, and offer a rock-solid defense against breaches and fraud.
By utilizing these integrations, rather than fully redeveloping expensive new ones, businesses could reach full security faster, prevent fines, penalties and lawsuits caused by additional breaches, and save millions in security redevelopment costs.
Even the most secure companies handling bigdata should consider adding an additional integration layer to their current systems. Because its these companies who are targeted most often and have the most to lose.
An industry-preferred security integration layer, one proven to prevent breaches and halt fraud is now offered from ToolCASE. While the company is best known for its custom built, big-data security and anti-fraud systems, we also offer a real-time data security integration layer. This layer – also custom designed for specific needs – will fit seamlessly into current security protocols used by almost any big data company, or transactional institution.
Integration of the ToolCASE real-time security layer and risk scoring system allows handlers of big data to help prevent breaches and reduce, or eliminate massive fines, penalties and lawsuits associated with them. Data handlers will enjoy faster analysis for fraud detection, as the integration runs and reports in real-time.
Additionally, ToolCASE integrations can save potentially millions in redevelopment costs.
There is no need to fully scrap current data security protocols and fraud systems. With ToolCASE’s real-time integration, you’ll have all the benefits of a purpose-built, custom developed data security and fraud detection system, at a fraction of the cost.
[1] https://www.datamation.com/big-data/big-data-market/
[2] https://digitalguardian.com/blog/how-much-does-data-breach-cost-2021
[3] https://www.csoonline.com/article/3410278/the-biggest-data-breach-fines-penalties-and-settlements-so-far.html
[4] https://www.csoonline.com/article/3410278/the-biggest-data-breach-fines-penalties-and-settlements-so-far.html
