Several years ago, I was talking to an organization which had recently deployed risk-based authentication on its online customer portal. Based on their business model, I was especially curious to learn why they had selected to add consumer authentication to their website. The answer was simple, “It is a competitive advantage for us.” Fast forward to 2017, and in recalling that statement, it makes more sense to me than ever. You see, this organization was not a bank who would have been crippled with financial fraud losses had their customers’ accounts been breached. Instead, a major competitor had just suffered a data breach which had tarnished its brand image. Not only did this organization want to protect its brand, but it wanted to attract new customers. By using security as a core business advantage, the organization started taking customers from its top competitor.
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