Kroll, a division of Duff & Phelps, a global leader in risk mitigation, investigations, compliance, cyber resilience, security and incident response solutions, today announced that it now offers credit monitoring services as part of its suite of identity and fraud protection solutions available to UK companies responding to a data breach. GDPR requires timely notification and breached companies are increasingly providing a credit and identity monitoring package to help impacted consumers monitor for identity fraud.
Kroll’s continuous credit monitoring service alerts members when activity is detected on their credit profile. If a member determines the activity is fraudulent, Kroll’s fraud investigators offer guidance to help prevent further fraudulent activity and provide restoration assistance if identity fraud is confirmed.
"With the proliferation of multi-jurisdictional data breaches and the implementation of GDPR, many organisations face the regulatory challenge of staying compliant with multiple privacy laws. “Providing the same level of identity support, regardless of the home countries of the affected individuals, helps ensure that everyone receives meaningful tools to help safeguard or restore their identity,” said Brian Lapidus, Managing Director and Global Leader of Kroll’s Identity Theft and Breach Notification practice. “By including credit monitoring alongside identity monitoring, consultation and assisted restoration services, any company who collects and stores data can now offer their UK consumers the same benefits that are commonly available in other jurisdictions.”
The UK led Europe in both breach complaints and notification events between May 2018 and March 2019. At the same time, identity fraud saw an 8% increase, forcing companies to confront the long-term costs of a data breach, including reputational damage and customer turnover. A comprehensive response includes providing those affected with peace of mind by giving them a solution and support to help resolve any issues surrounding potential fraud.
“The need for credit monitoring in the UK is becoming increasingly essential as more and more organisations are falling prey to data losses from ransomware, phishing scams and hacking incidents,” added Andrew Beckett, Managing Director and EMEA Cyber Risk leader. “With identity fraud increasing, we’re seeing an interest from organisations who want to provide the greatest protection for their customers who have entrusted them with their personal data,” says Beckett. “Credit and identity monitoring can’t prevent identity fraud, but when combined with Kroll’s consultation and restoration services, you know you’re implementing a breach response plan that leaves those impacted with the best defense available.”
Kroll continues to expand its data breach notification services globally. The company now offers full services in the U.S., Canada and the UK, with plans to further extend its capabilities in the EMEA and APAC regions.