Case Study #3 – Competitive Advantage Assessment

Situation:

  • Our client was a market-leading Financial Company whose senior management sought third-party input by a consultant with expertise and knowledge of financial industry best practices.
  • They recognized that their existing processes verifying user identity had become vulnerable, exposing sensitive customer data to identity thieves and potentially destroying customer trust. 
  • These security vulnerabilities could result in embarrassing data losses that could harm the well-known brand, as well as possible customer legal action due to damages suffered from identity theft.

Challenges:

  • The Financial Company wanted their security technologies, namely user authorization, portal access, and ID proofing, to be competitive in the financial industry. Their goal was to maintain their industry position as a trusted provider. Due to potential reputation damage, time was of the essence.
  • To maintain their dominant market position, they also wanted to develop access through mobile device integration as soon as possible.
  • Their current concept for ID proofing would need a complete overhaul, since it significantly relied on bio-demographic information, which due to increasingly sophisticated measures of hacking, was exposing sufficient levels of customer data to ID theft.

Strategy:

  • Since our client was a large operation, with strong technological capabilities that needed guidance, our full solution scope to maintain supportability and sustainability included three independent, but interrelated parts: Portal, Global User Authentication and ID Proofing.  
  • We also recommended increasing the size of the question pool, adding more proofing questions, weighting questions with a pass/fail criteria and utilizing more Yes/No and True/False questions.
  • In addition, we developed a formal release schedule to help the Company maintain continuous updating of code and functionality, insuring that security processes would not fall behind in the future.  

Results:

  • Our timely and thorough analysis provided recommendations that allowed the Financial Company to confidently take quick action and make educated decisions about their new security platforms.
  • The Financial Company had Inovus Technology Solutions facilitate a design review and track the completion of our recommendations, saving time and resources.  
  • No security breaches have been reported by the Financial Company since Inovus Technology Solutions’ plan was implemented.