The data breach support service will enable an organization’s customers to access their credit information and also offers specific features to help safeguard their identity.

The tools will help businesses protect consumers whose information has been fraudulently exposed and are at an increased risk of identity fraud, in turn helping to ensure any financial or reputational damages to the organisation are minimised.

Kelli Fielding, Managing Director of consumer interactive for TransUnion in the UK, said “From research published throughout the last 12 months, and the fact we have seen the proliferation of cyber security threats accelerated by the impact of the pandemic, it’s increasingly clear just how costly data breaches can be for businesses and consumers alike. That’s why we’re enhancing our TrueIdentity data breach support service in the UK, following its success in other markets, to help organisations protect both their bottom line and their reputation, whilst also helping to minimise the risk of financial suffering for impacted consumers.”

In the event of a breach, the timing of any corporate response is absolutely critical. In 2020, the average cost of a data breach to a UK business stood at £2.93 million, with 41% of customers claiming they would never return to a business post-breach. Leveraging TransUnion’s data breach support service means organisations can equip consumers with a strategy that helps them combat identity theft. This minimises the risk of any financial suffering on behalf of both the customer and the business and protects an organisation’s reputational integrity.

Mark Read, senior Account Director of data breach support services at TransUnion, says: “At TransUnion, we believe there are three key stages to a successful data breach response. Firstly, an organisation’s readiness. Does it have a strategy in place which allows it to take swift and meaningful action? Secondly, the response itself. All businesses need to have the right resources at their disposal in order to effectively handle a security incident. And thirdly, remediation. It’s crucial that leaders implement an advanced remediation strategy to protect both their brand and their customers from any suffering. The availability of our data breach support service in the UK will help businesses large and small prepare for each one of these key stages.”

Source: Credit-Connect