Customer data has become one of the most valuable resources for companies in many industries. Being able to understand your customers in a multidimensional way is critical to successfully marketing to them. Analyzing their habits, emotions, and most importantly - where they will spend their money.
Corporations in the retail, financial, and telecommunications industries are constantly collecting data through loyalty programs, credit statements, and subscriptions. Customers are sharing their information with companies and expecting it to be protected. As one of these corporations, it is important to recognize the trust customers have when sharing data. How are you working to safeguard it? Increasing data breach numbers have proven damaging monetarily and often wreak havoc on a brand's image.
A recent attack on a popular retailer left over 5 million customer's credit or debit card information exposed. These breaches are common and only gaining speed as hackers pick off the world's largest brands. Companies must fight back and proactively search for ways to strengthen their security posture.
Here are some avenues to explore when strengthening your environment:
- Defense in Depth: Creating a security plan that incorporates every aspect of your company is key. This includes people, process, and technology - a core principle of the Oracle Software Security Assurance Methodology (OSSA). The aim of OSSA is to incorporate security at every stage of the development process.
- Security at the Board-Level: Security breaches affect the entire company. Security concerns and strategy should be in discussions at every level, from IT to the executive level. To navigate this conversation with your board-level executives - read Cybersecurity and the CEO: A Board-Level Conversation. In this article, Akshay Bhargava, vice president of the cloud business group at Oracle explains key points to incorporate during these critical conversations.
- Adaptive Intelligence: The average Security Operations Center (SOC) receives over 17,000 alerts per week. There is simply not enough time in the day to manually investigate each threat. Consider Machine Learning and AI technologies as a necessity rather than a bonus feature within your solutions. Intelligent solutions using capabilities like multi-factor authentication create an extra layer of defense; and solidify the value of adaptive intelligence within cybersecurity.
- Safeguard Your Users: Employees are working from home, international cities, and even the beach; security has to evolve. Focus on protecting users through identity management solutions enables you to protect your environment in the cloud and on premises. Understand more about how user authentication can protect your SaaS applications utilizing the Oracle Identity Cloud Service.
- Continuous Monitoring and Compliance: Significant data loss across several industries has prompted stiff regulations. The creation of the European Union General Data Protection Regulation, or GDPR, is a prime example of the importance governments are placing on protecting data. Executive management should be involved in ensuring solutions are in place to monitor their environment and prevent vulnerabilities. Reporting on your data protection policies will be critical in the future of cybersecurity.
Customer data protection will continue to be a hot topic, but the attacks will continue as well. Brand reputation is key to customer loyalty and retention. In the case of an attack, it is important for each company to have a plan in place to respond quickly and reassure customers that protecting their data is a top priority. To minimize this risk, consider the above points and learn more about Oracle Cloud Security.