Digital information makes the world go 'round - especially when the majority of all global commerce is taking place online. The influx of banking, lending, shopping, and investing activity online has sent thieves and criminals to the web.
This has driven identity theft and digital data loss to spike, and the risk continues to rise.
Technological advancement through AI and IoT innovation is largely driving data security and customer trust across all commercial spheres.
Here are a few key ways tech innovators are protecting our personal and sensitive information online.
Ecommerce
Everytime you "swipe" your credit card online, your data is transmitted through vulnerable avenues that are a hotspot for criminals to siphon your financial information. If you're conducting a purchase on an unsecured network, or with an infected device, your identity and credit card information could be virtually up for grabs.
Retailers and IT management professionals have collaborated across the global business markert to strengthen online shopping platforms and secure their customers' data.
Credit card numbers, addresses, security questions, and other data could be used to steal funds, or obtain information that can put the shopper's entire identity at risk.
Education
Students across the higher and primary education spheres have taken their classrooms online to fare the ongoing pandemic. This has not only created some gaps in opportunity cost and accessibility, but security measures have been weakened by the widespread use of public networks and personal devices.
Secure cloud computing has come a long way to keep students and educators protected from data breaches and information loss. Ransomware, for example, could put a major dent in any students' study plans if their system becomes locked before a major exam.
Using apps that require multi-factor identification is one way the education industry has been able to keep users protected. This prevents unauthorized individuals from gaining access to personal or private data.
Additionally, data encryption and secure virtual environments reduce the chances of viruses or malware entering student-owned or school equipment.
Telelending
The same online protection software that helps retailers protect their customers from digital theft is keeping borrowers safe across the lending industry. Mortgage providers, private lenders, and auto loan servicers are using technology to reinforce their internal IT security measures and expand their brands to the digital market.
Digital protection extends past virus prevention and data encryption. Lenders are using browser tracking, AI-enabled customer service platforms, and social media to answer their customers' questions before they're asked.
When customers are looking for home, auto, or title loans online, they can use digital platforms to make fast and easy rate comparisons and ensure they're getting the best deal. But, more importantly, they can compare reviews and make sure they're working with institutions they can trust.
Debt Management
Automation is helping consumers across countless industries, and budgeting is one aspect of our daily lives that has been greatly improved by technology. Automatic savings transfers, round-up apps, AR-assisted shopping, and mobile banking are helping consumers stay on top of every dollar that comes in or goes out.
Using technology for debt management has helped thousands of Americans reduce their debt balances and get on top of their financial goals in 2020. With easy-to-view user dashboards and automatic balance alerts, consumers can easily stay on top of multiple accounts and lines of credit simultaneously.
Financial anxiety creates as much stress in our country as waiting for medical test results, and it's a primary source of emotional strain across all backgrounds and demographics. Understanding how to take care of all aspects of your financial profile is a proven way to reduce economic stress and anxiety surrounding debt.
Brands are continuing to thrive amid the ongoing market downturn, despite a rapid increase in cyber crime and online data security threats. Just one data breach can cost a brand, or individual, millions of dollars. To protect their customers' data, as well as trade secrets and their corporate reputation, companies are turning to technology to keep growing.
These are just a few primary sectors that have been able to scale significantly in 2020, thanks to the help of adaptive technology solutions such as AI, IoT, mobile accessibility, cloud computing, and network management.
