How to Avoid Identity Theft

Identity theft can be defined as stealing personal information for the personal gains. With fraudsters discovering new methods to get into an online system, theft of identity has emerged as a major problem in the past decade. The ease with which hackers are able to get their hands on critical personal information has led to an increase in the number of identity thefts each year.

The data centers of the modern world notice over 100 thousand new security threats every day. According to a survey by PwC, CIO, and CSO, more than 9,600 global executives had experienced one or more security incidents in a year. Due to the increased number of hack attacks and identity thefts, organizations that keep data of their clients on their web servers are always on high alert. The impact of this problem is so great that it has resulted in creation of stringent rules and regulations by regulatory bodies in preventing the system from identity thefts.

Regulatory Bodies, Identity Theft, and Need for Cyber Security Management System

A regulatory agency is a public authority or government agency which exercises autonomous authority over some area of human activity in a regulatory or supervisory capacity. It is the job of regulatory bodies to create and enforce regulations for the systematic operation of the concerned organizations. Due to the sensitive nature of the identity theft problem, the role of a regulatory body has become extremely important in recent times. It has resulted in the formulation of new rules and regulations which are stricter than ever before.

The policies enforced by the regulatory bodies are supervised with great diligence. Due to high-level overseeing of rules and regulations, defaulters face an increased risk of getting caught and the chances of incurring a fine has raised substantially. The risk of flouting a rule and its dire consequences has sent the organizations chasing after a Cyber Security Management Software which can address the aforementioned issues and eliminate errors by streamlining the process.

Benefits of Following Rules and Regulations

When an organization works within the boundaries of rules and regulations imposed by regulatory bodies, it leads to the formation of a foolproof system and reduces the chances of a successful hack attack. This practice not only prevents identity thefts, it also protects employees and organization from getting into trouble with the regulatory bodies. In order to make sure that organizations are well-equipped to face all types of threats, the Cyber Security Management System is the need of the hour.

Eliminating Identity Thefts from the System with the Power of AI

The Security systems of organizations are fragmented as security policies are different for different departments. This leads to holes in a system that may be utilized by hackers for gaining entry. For managing threats efficiently, Cyber Security Management software makes use of the big data approach in the security management process. It encompasses the whole organization and provides a single solution for all security issues. It uses extremely large data sets which can be computed to reveal patterns, trends, and associations. All the interrelations found via big data relate to human behaviour and interactions. The AI powered Cyber Security Management System uses big data and detects hack attacks proactively. This approach is perfect for the prevention of identity thefts from financial institutions like banks.

Predict360’s Cyber Security Software: The Perfect Solution for Security Threats

Predict360’s Cyber Security Management Software addresses the challenge of fragmentation by vertically integrating all modules and allows organizations to manage their cyber security compliance programs based on federal and state regulations via a single platform. This approach enhances productivity of threat monitoring teams and heavily cuts down the reaction time, which is vital for countering and eradicating the threat.

The AI powered Predict360’s Cyber Security Management System has certain key features which make it ideal for addressing identity theft issues:

1. Identifies threats in a system
2. Works by aggregating knowledge in a graph-based database
3. Gathers threat intelligence via Honeypots
4. Develops signatures and rules to block threats

Predict360 is licensable as a standalone web-based application. It can also be procured as part of an integrated regulatory change management, procedures, competency, audit, incident, policy, and learning management solution.

For more information about Cyber Security Management System and how it can be further enhanced as part of an integrated risk and compliance management suite, visit https://www.360factors.com/.

About the company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

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