Connect with us

Business

PROTECTING YOUR LEGACY – MITIGATING THE SECURITY RISK POSED TO BUSINESSES BY SENSITIVE CUSTOMER CALL RECORDINGS

Published

on

PROTECTING YOUR LEGACY – MITIGATING THE SECURITY RISK POSED TO BUSINESSES BY SENSITIVE CUSTOMER CALL RECORDINGS

Many industries today are required to record and store customer calls for compliance reasons. Others choose to record calls for training purposes and to improve their customer service. This has resulted in huge banks of ‘legacy’ calls being built up, many of which contain sensitive payment and personal information that needs to be securely protected. Matthew Bryars, CEO of Aeriandi, discusses the issues facing many businesses regarding such recordings and explains what can be done to prevent sensitive data from ending up in the wrong hands.

We are all familiar with the phrase ‘your call may be recorded for training and monitoring purposes’ and most of us have little objection to it. We understand the need for companies to comply with regulations such as the Financial Conduct Authority (FCA) when handling payment transactions, and we know that our calls may be used to train future customer service employees. But do we know, or even stop to consider, how the content of our calls is managed?

Making these considerations could give rise to a number of questions: ‘Where are these legacy calls stored?’ ‘How are they protected?’ ‘Who can access them?’ ‘How long will they be kept?’ Not knowing the answer to these questions can be particularly concerning when you’ve made a payment over the phone and divulged all the information required by a criminal to commit fraud. If legacy calls are not stored securely then these sensitive details will remain at risk until either the recording is destroyed or the payment details expire, long after you’ve forgotten the call ever took place.

PCI DSS – keeping customer data away from prying eyes

The good news is that the implementation of the Payment Card Industry Data Security Standard (PCI DSS) will significantly reduce legacy concerns over time. While it is not a legal requirement for businesses to adhere to PCI DSS, the reputational and monetary risks associated with a customer data security breach are strongly encouraging vendors to ensure compliance is met. The latest version of the standard instructs businesses to:

Refrain from storing authentication data after it has been authorised;

Render all data unrecoverable once the authorisation process is complete.

There are a number of technologies available today which can help businesses to comply with PCI standards, ranging from rudimentary pause/record, through to secure telephone payment platforms that ensure sensitive payment information never enters the call centre in the first place, thus eliminating the legacy issue.

Securing your legacy archive

The bad news is that while the solutions above can solve the compliance issues facing businesses now and in the future, many have already been collecting and storing legacy data for decades, frequently archiving recordings onto tapes or discs. So how can they mitigate this security risk? Locking thousands of tapes in a secure vault is impractical and would make it almost impossible to access the data should it be needed for legitimate business reasons. This would be especially inefficient for public sector bodies that are required to respond to Freedom of Information (FOI) requests within 20 working days and therefore need to have call recordings readily accessible as well as secure.

Data analytics software that can automatically scan and delete sensitive information may be an option in the future, but the technology is not yet reliable enough to make it viable. As such, the best option for many businesses is to implement a secure legacy archiving solution. With this approach, old recordings stored on tapes or discs are digitised, the tapes destroyed, and the digital copies stored in a secure cloud that complies with PCI DSS.

This solution enables businesses to preserve the quality of call recordings, access data quickly and free up the office space that was previously taken up by recording equipment and tapes. Secure legacy archiving can also significantly reduce the compliance burden facing businesses that process card payments, making it quicker and easier for them to keep customer data secure and accessible.

In the not too distant future, the loopholes surrounding phone payment processes and legacy call recordings will be eradicated and increasing compliance with PCI DSS will ensure that secure data storage is standard practice. However, until that time it is necessary for businesses to be alert to the security risks posed by call recordings and ensure they have processes in place to keep their customers’ confidential data secure.

Business

JPMorgan to launch UK consumer bank within months

Published

on

JPMorgan to launch UK consumer bank within months 1

LONDON (Reuters) – JPMorgan Chase & Co will launch a digital consumer bank in Britain under its Chase brand within months, the U.S. banking giant said on Wednesday.

The bank said the new business had already recruited 400 people and would offer a range of products, including current accounts.

The UK venture will be led by Sanoke Viswanathan, who has been named chief executive. Viswanathan was previously chief administrative officer for JPMorgan’s corporate and investment bank.

The digital bank will be headquartered in London’s Canary Wharf financial district, with customers supported from a new call centre in Edinburgh.

Reports about a likely tilt by JPMorgan at the UK consumer market have been circulating for around a year, but the bank had publicly disclosed few details.

“The UK has a vibrant and highly competitive consumer banking marketplace, which is why we’ve designed the bank from scratch to specifically meet the needs of customers here,” said Gordon Smith, CEO of consumer and community banking for JPMorgan.

(Reporting by Iain Withers; Editing by Jan Harvey)

Continue Reading

Business

European regulator clears Boeing 737 MAX airliner for return to service

Published

on

European regulator clears Boeing 737 MAX airliner for return to service 2

(Reuters) – Boeing Co’s modified 737 MAX airliner is safe to return to service in Europe, the European Union Aviation Safety Agency (EASA) said on Wednesday, lifting a 22-month flight ban after two crashes of the jet which caused 346 deaths.

EASA Executive Director Patrick Ky said it had “every confidence” that the plane was safe following an independent European review of changes ranging from cockpit software to maintenance checks and pilot training.

“Let me be quite clear that this journey does not end here,” Ky said in a statement.

“We have every confidence that the aircraft is safe, which is the precondition for giving our approval. But we will continue to monitor 737 MAX operations closely as the aircraft resumes service.”

Regulators around the world grounded the MAX in March 2019, after the crash of an Ethiopian Airlines jet five months after one flown by Indonesia’s Lion Air plunged into the Java Sea. A total of 346 passengers and crew members were killed in the two crashes.

The United States lifted its ban in November, followed by Brazil and Canada. China, which was first to ban the plane after the second crash, and which represents a quarter of MAX sales, has not said when it will act.

Relatives of some crash victims have strongly criticised the move the clear Boeing’s best-selling airplane.

EASA represents 31 mainly EU nations, excluding Britain which formally left the bloc this month. Britain is expected to issue its own separate approval on Wednesday.

(Reporting by Sudip Kar-Gupta, Rachit Vats; editing by Jason Neely)

Continue Reading

Business

Wall Street expects near-record iPhone sales despite delay, shut Apple stores

Published

on

Wall Street expects near-record iPhone sales despite delay, shut Apple stores 3

By Stephen Nellis

(Reuters) – During the last three months of 2020, Apple Inc delivered its flagship iPhone 12 model weeks later than normal iPhone debuts and shuttered some of its stores due to the pandemic.

But Wall Street is still expecting a near-record sales quarter for the Cupertino, California company’s signature device when it reports fiscal first-quarter earnings on Wednesday, with estimates of $59.8 billion, according to IBES data from Refinitiv as of Jan. 26. If Apple beats the number, it could eclipse its all-time record of $61.58 billion in iPhone sales for the first quarter of fiscal 2018.

Analyst largely attribute the boost to the timing of the iPhone 12 lineup, which had a new look, 5G cellular data connectivity and new models at the top and bottom of the sizing range.

“They have an extremely good understanding of what their refresh cycle looks like and when waves are possible and whey they are not,” said Ben Bajarin, head of consumer technologies at Creative Strategies. “Every bit of data across China and Europe has shown that not only was the installed base getting older, but people were not refreshing. I think (Apple) knew it would be heavy refresh cycle.”

Analyst also expect strong Mac sales of $8.69 billion, according to Refinitiv data from Jan. 26, thanks in part to the introduction of models with the first central processor chip for its laptops and desktop that Apple designed itself. Overall, analysts expect $103.28 billion in sales and earnings per share of $1.41 for Apple’s fiscal first quarter.

A “super cycle” of booms in iPhone sales after several more modest years are not new to Apple – the company’s previous high came after it announced the iPhone X, with a new design. During previous cycles, Apple’s shares often traded at lower price-to-earnings ratios than its rivals due to Apple’s dependence on the iPhone.

But those ratios have risen over the past year, and analyst Toni Sacconaghi of Bernstein wondered how much further they can go.

“At 33x consensus (fiscal year 2021 earnings per share), and buyside expectations above the Street’s, we struggle to see case for material outperformance in (Apple), absent a surprise product announcement or migration to a bundled hardware subscription model,” he wrote in a note to clients.

(Reporting by Stephen Nellis in San Francisco; Editing by Lisa Shumaker)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

JPMorgan to launch UK consumer bank within months 4 JPMorgan to launch UK consumer bank within months 5
Business3 hours ago

JPMorgan to launch UK consumer bank within months

LONDON (Reuters) – JPMorgan Chase & Co will launch a digital consumer bank in Britain under its Chase brand within...

European regulator clears Boeing 737 MAX airliner for return to service 6 European regulator clears Boeing 737 MAX airliner for return to service 7
Business3 hours ago

European regulator clears Boeing 737 MAX airliner for return to service

(Reuters) – Boeing Co’s modified 737 MAX airliner is safe to return to service in Europe, the European Union Aviation...

Wall Street expects near-record iPhone sales despite delay, shut Apple stores 8 Wall Street expects near-record iPhone sales despite delay, shut Apple stores 9
Business3 hours ago

Wall Street expects near-record iPhone sales despite delay, shut Apple stores

By Stephen Nellis (Reuters) – During the last three months of 2020, Apple Inc delivered its flagship iPhone 12 model...

ECB comments suppress euro, dollar perks up ahead of Fed 10 ECB comments suppress euro, dollar perks up ahead of Fed 11
Business3 hours ago

ECB comments suppress euro, dollar perks up ahead of Fed

By Ritvik Carvalho LONDON (Reuters) – The euro fell on Wednesday, under pressure after a European Central Bank official said...

Business jet prices seen as stabilizing in 2021 after year-end order blitz 12 Business jet prices seen as stabilizing in 2021 after year-end order blitz 13
Business3 hours ago

Business jet prices seen as stabilizing in 2021 after year-end order blitz

By Allison Lampert and Ankit Ajmera (Reuters) – Preowned business jet prices are seen stabilizing in 2021, boosted by a...

Sterling gets vaccine boost to hit 8-month high vs euro 14 Sterling gets vaccine boost to hit 8-month high vs euro 15
Finance4 hours ago

Sterling gets vaccine boost to hit 8-month high vs euro

By Joice Alves (Reuters) – Sterling rose to a fresh eight-month high against the euro on Wednesday as Britain’s faster...

GameStop stock doubles again with no let-up in amateur interest 16 GameStop stock doubles again with no let-up in amateur interest 17
Business4 hours ago

GameStop stock doubles again with no let-up in amateur interest

(Reuters) – Shares of videogame retailer GameStop Corp surged another 130% on Wednesday in pre-market trading as amateur investors continued...

Britain may raise contactless ceiling after pandemic payment surge 18 Britain may raise contactless ceiling after pandemic payment surge 19
Business4 hours ago

Britain may raise contactless ceiling after pandemic payment surge

By Huw Jones LONDON (Reuters) – Britain will look into raising the limit on contactless payments from 45 pounds to...

Auto recovery fuels optimism for Europe's earnings season 20 Auto recovery fuels optimism for Europe's earnings season 21
Business4 hours ago

Auto recovery fuels optimism for Europe’s earnings season

LONDON (Reuters) – Expectations for European companies’ profits in the last quarter of 2020 are improving as the reporting season...

FTSE 100 flat as lockdowns weigh on mining, retailer shares 22 FTSE 100 flat as lockdowns weigh on mining, retailer shares 23
Business4 hours ago

FTSE 100 flat as lockdowns weigh on mining, retailer shares

By Shashank Nayar and Amal S (Reuters) – Britain’s FTSE 100 was adrift on Wednesday, weighed down by mining shares...

Newsletters with Secrets & Analysis. Subscribe Now