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Keep a data leak out of reach: Your guide to securing identity data
Cyber-attacks and data breaches have dominated headlines for months in Australia and it’s hard to predict who’ll be next. How can your firm protect clients’ data in the event of a cyber-attack?
‘Data breach.’
‘Cyber security.’
‘Cyber-attack.’
‘Identity theft.’
These simple yet powerful two-word phrases have held a lot of meaning and generated considerable airtime over the last six months. Millions of Australians and their identity documents have been affected by cyber-attacks and high-profile data breaches across three major companies. More attacks are expected as hackers continue to get smarter with the way they infiltrate systems.
While cyber-attacks aren’t 100% preventable, the theft of identity data can be. Identity theft can have lifelong impacts on its victims. New bank accounts opened and taking out loans or credit cards in victims’ name are just some of the ways cyber criminals use stolen data. With a person’s whole identity on the line, how can you prevent your business - and customers – from being victims of the next big data breach?
1. Ditch the emails
When a hacker targets an organisation, one of the first places they’ll access is an inbox. Inboxes are pure gold for finding sensitive conversations and company information. Asking your clients to send photos of their identity documents via email puts their information at significant risk in the event of a cyber-attack. With passports, driver licences and other important documents stolen, the ramifications for your clients could be significant as well as costly to your business and reputation.
2. Forget the lock and key
You may be thinking ‘a locked filing cabinet can’t be hacked by cyber criminals, why don’t I just store everything there?’ While this is true, it’s not 100% secure and not always practical. If you have clients who can’t visit your office, you’re likely getting them to send their documents by post or email – both inefficient and insecure methods. Keeping paper records creates an administrative headache by the time you’re able to destroy them, with hours if not days of shredding needed. Add to that the obvious environmental impact of churning through thousands of pieces of paper and it’s easy to see why hardcopy storage isn’t practical anymore.
3. Know that not all digital solutions are built the same
There are several digital Verification of Identity (VOI) solutions that claim titanium-strength security with words such as ‘encrypted servers’, but ‘encrypted’ doesn’t always equal ‘secure’. Even if a server is encrypted and all records of identity data are contained in there, in the event of a cyber-attack, all the details held within each document can be taken.
While the chance of a cyber-attack on an encrypted server is slimmer than other digital solutions such as emails and the cloud, is it really worth the risk?
4. Choose a solution that redacts identity data
Not every way of digitally storing identity has the potential to end in disaster. Having a digital solution that collects identity data necessary for a high value transaction but redacts all personal information is the only way to guarantee protection against a data breach. This essentially means immediately following a VOI, a report is generated that indicates a ‘pass’ or ‘flagged for review’ of the verification but redacts key details such as document numbers. The result? A method of conducting VOI that ensures you meet your due-diligence obligations while protecting your clients’ data to the highest degree.
Livesign: Your solution to protecting data in a cyber-attack
Livesign is Australia’s first and only app that simultaneously verifies the identity of a person at the precise point of signing high value transaction documents. This helps you to know with 100% certainty that the signer is who they say they are. You maintain evidence of having completed the VOI and your client’s Personally Identifiable Information (PII) is redacted. Livesign provides peace of mind for your clients, peace of mind for you and protection for your business in the event of a cyber-attack.
Since its inception in 2021, tens of thousands of people have been verified via Livesign which has in turn significantly reduced the risk of identity theft for businesses and their customers.
Learn more about Livesign and book a demonstration here: https://web.live-sign.com/
