Imagine this scenario: You wake up to a notification that your credentials have been compromised. Panic sets in. What information has been exposed? Could someone be impersonating you or a professor or a parent or a board member to access sensitive school information like students’ grades or financial aid?
This scenario is more common than you might think.
In 2022, college and university credentials were advertised for sale on online criminal marketplaces and publicly accessible forums. The Australian Cyber Security Centre (ACSC) reports one cyber attack in the education sector every two hours.
An Okta report (Jan 1 – June 30, 2023) paints a startling broader picture:
- 1 in 7 attempted account registrations were identified as a signup attack
- Nearly a quarter of all login attempts were identified as credential stuffing
- 12.7% of MFA attempts were identified as malicious
- Industries like finance, media, manufacturing, and tech are ground zero for fraudulent signups.
- Enterprises, especially in the Asia-Pacific region (APAC), are being targeted by a much higher rate of signup attacks.
The rise of AI adds another layer of complexity. In the wrong hands, AI can make attacks like credential stuffing and phishing even harder to detect and far more destructive.
This is where ThunderLabs Cyber Practice steps in.
We understand the critical link between secure customer identity and a thriving business. That’s why we’re dedicated to creating secure digital experiences for your customers, building trust and safeguarding your future.
Why Customer Identity Security Matters
Customer identity forms the bedrock of user interaction in digital spaces. It refers to the unique digital footprint of each user interacting with your business. This includes login credentials, personal details, and any information that helps identify them.
And with cyber threats escalating, each digital interaction could potentially jeopardise customer trust and tarnish your business reputation.
Mark Belfanti, Head of Cyber at ThunderLabs, asserts, “A robust customer identity system reduces the risks of identity theft and fraud, protecting both our clients and their customers.”
Here’s why prioritising customer identity is crucial:
- A strong identity system makes it harder for criminals to steal user information or impersonate legitimate customers. This translates to fewer financial losses for your business and peace of mind for your customers.
- Customers expect secure and convenient experiences. According to Okta, about 60% of customers are more likely to spend money with a brand online if they know the login experience is simple, secure, and frictionless.
- Weak customer identity security opens the door to cyberattacks like credential stuffing (using stolen passwords on multiple platforms) and phishing scams. By prioritising identity verification, you create a more secure environment for everyone.
Mark warns that ignoring customer identity opens businesses to increased cyber threat risks. It can be a recipe for disaster:
- Privacy and compliance risks. With governments sharpening their focus on privacy, non-compliance can lead to severe consequences. Organisations risk losing their licenses, their operational legitimacy, and ultimately, their customers. Moreover, the profiles of high-net-worth individuals are particularly at risk, making robust security measures essential.
- Financial losses. Data breaches and fraudulent activities cost businesses millions.
- Damaged reputation. A security lapse can erode customer trust, taking years to rebuild.
- Increased vulnerabilities. Weak identity security creates openings for cyberattacks.
ThunderLabs: Your Partner in Driving a Secure Digital Transformation
We’re all about creating secure and delightful digital experiences for our clients’ customers.
We don’t just protect. We optimise. By integrating strong cybersecurity measures into digital platforms, we safeguard user interactions from the get-go.
Our approach:
- Principle of Least Trust. We follow the principle of least trust, granting access only when absolutely necessary. This keeps your data safe while maintaining a smooth user experience.
- Minimal data collection. We advocate for collecting only the data essential for your business operations, complying with privacy laws and protecting your customers’ information, thereby protecting customer interests without overwhelming them at the outset.
- Progressive information collection. Imagine a new customer only needing an email address initially, with the option to add more details later. This user-friendly approach keeps users engaged and reduces signup abandonment rates.
Our expertise in digital transformation translates into superior customer identity solutions. Here’s what sets us apart:
- Tailored solutions for every business. Applying our vast experience across sectors from education to healthcare, we tailor identity solutions to meet specific industry needs. Whether it’s a university portal or an e-commerce platform, we have the expertise to secure your customer interactions.
- Security that empowers, not hinders. We prioritise data protection from the point of entry through the entire customer lifecycle. We implement robust security measures without creating unnecessary friction for your customers.
- Security that helps you win and keep customers. We demonstrate security isn’t a roadblock — it’s a value add.. Our strategy involves using your security platform not just to protect but also to educate and enhance the customer experience, ensuring they return.
- Future-proof solutions. Our identity tools are built to handle the dynamic challenges of modern cybersecurity. We stay ahead of the curve to ensure your customer data remains protected.
- Frictionless customer experiences. We balance security and convenience. For smoother transactions and reduced abandonment rates, we help your business:
- Simplify customer registration processes. We streamline the registration flow to make it as quick and painless as possible, reducing barriers for new users.
- Achieve cross-device seamless authentication. We enable customers to authenticate seamlessly across different devices, ensuring a consistent and user-friendly experience no matter the platform.
- Implement adaptive risk-based authentication and authorisation. We use sophisticated algorithms to assess risk and adjust authentication strength dynamically, providing tighter security when needed without inconveniencing the user.
- Facilitate self-service options. Customers can easily manage their profile data, preferences, and security settings. This includes capabilities for password resets, help requests, and more, empowering users to take control of their interactions.
- Enforce data privacy while empowering customers. We uphold strict data privacy standards while giving customers the autonomy to manage their own data, fostering trust and compliance.
The result? Seamless customer experiences that lead to faster transactions and happier customers.
Don’t Wait for a Data Breach to Be Your Wake-Up Call
Prioritising customer identity security is not just about preventing losses. It’s about building a future where every customer interaction strengthens trust.
Don’t wait for a security breach to expose your vulnerabilities. At ThunderLabs, we can help you assess your customer identity security and implement a future-proof strategy.
Want to understand where you sit with Customer Identity practices? Take our free Customer Identity Assessment to get started.
Want to take action right away? Drop us a message at [email protected], and Mark will reach out to you.
