Security in today’s world is one of the key concerns for the corporations. It includes both the data (in different forms) and physical instruments/devices. Security of data for companies is essential as most data is stored in remote locations, which wasn't the situation a few years ago. Now with the advancement of technology, companies are looking for better security for their information.
Major concerns are:
How can the data be protected?
How trusted is the security system?
Security should be provided when the data is in motion, at rest and while transmitting. Although all companies have their own network firewall and security products, they find it difficult to identify the breaches as there is a huge amount of data that needs to be processed. This is where analytics comes into the picture. It can identify similarities between the past suspicious events with current events and alert the security systems instantaneously. This helps to track and protect the security breaches in real time by taking appropriate steps to prevent the security breach.
Analytics acts as a new protective shield for financial security systems. Analytics can be used in checking suspicious trading patterns in stock markets to help in preventing fraud in stocks trading. This way analytics helps in determining abnormal trading patterns and prevent more occurrences of fraudulent activity moving forward, potentially avoiding the costly mistakes of the past.
Customer behavioral pattern:
A key concern for any company is about what would happen if their high-value data was breached and falls into the hands of their competitors. Analytics helps in incident detection and response to such breaches by analyzing customer behavior on different platforms. This way we can prevent the existence of fraud accounts and reduce the chances of breaches by false positives i.e. showing the presence of a threat even though the threat doesn’t exist.
Analytics can be helpful in analyzing the behavior of users while making payments and prevent them from making fraudulent purchases. It is difficult for an employee to analyze such massive amounts of data and develop possible insights. Analytics helps in constantly analyzing a huge amount of data in real-time and provides companies with fast and factual insights about possible threats.