TransUnion Unveils Enhanced Data Breach Support Service in the UK
TransUnion, a global insights and information company and one of the UK’s leading credit reference agencies, has enhanced its data breach support service for businesses in the UK.
Encompassing a broad range of TransUnion products, including its leading TrueIdentity platform, the data breach support service allows an organisation’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, says: “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 millioni, with 41% of customers claiming they would never return to a business post-breachii. 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.
TransUnion does this by providing access to its TrueIdentity platform, which allows consumers to access their credit report – a primary tool leveraged for determining credit-related identity theft or fraud. TrueIdentity also provides consumers with credit monitoring alerts via email notifications, flagging any unexpected changes on a consumer’s credit file and facilitating quick action against potentially fraudulent activity.
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.”
Alongside its credit reporting advantages, TrueIdentity also provides businesses with ‘dark web’ monitoring. This service scours surface, social, deep, and dark websites for potentially exposed personal, identity and financial information.
In addition to the TrueIdentity platform, businesses investing in the breach remediation suite can also be provided with a dedicated emergency contact centre to deal with queries from customers impacted by a cyber-attack, and an array of educational resources focused on credit management, fraud victim assistance and identity theft prevention. A bulk notification service is also available which can be used to advise impacted customers of a breach and confirm remediation action taken.
Find out more about TransUnion’s data breach support service here.
i IBM and Ponemon’s Cost of a Data Breach study 2020 /$ to GBP conversion 0.758
ii PCI Pal global research Sept 2019