Name: BreachClarity
Uploaded: 2021-08-10T21:47:41.861Z
Duration: 546.56

Ben Mullins - FinovateEurope 2020 _ Dorsum_3 (1).mp4

breachclarity.vtt

English

{{00:00:11}}
Hey everybody.

{{00:00:12}}
I'm Jim van Dyke here with Al Pascual and we've created the only
all new category of FinTech, you'll see here at Finovate today

{{00:00:20}}
with a solution that fits in literally every single retail,
financial services institution, FinTech, and consumer, we

{{00:00:29}}
formerly ran javelin strategy and research and went on to prove
breach claritys methodologies as legal sector, expert witnesses

{{00:00:37}}
in massive data breaches like Equifax, Marriott, and yacht.

{{00:00:41}}
Did you know that data breaches created $39 billion
at losses at retail financial services institutions.

{{00:00:49}}
And that's just the US alone last year and annual
spend on consumer products like LifeLock is $4 billion.

{{00:00:57}}
Removing any question about whether or not
consumers are motivated to take action.

{{00:01:03}}
We're doing something completely different to stop
everyone's headaches, costs and create better digital

{{00:01:09}}
engagement through the digital retail banking platform.

{{00:01:14}}
Al's going to take you through the first example and we show
you how breach clarity detects a data breach on the dark web

{{00:01:20}}
effecting your customer's personal information, which criminals
used to commit identity fraud, or raise friction at the bank

{{00:01:27}}
in order to provide a more frequent and proactive risk update.

{{00:01:31}}
All in a way that builds digital confidence.

{{00:01:34}}
Al can you take us through that?

{{00:01:36}}
Absolutely.

{{00:01:37}}
So we are going to check out this notification from Breachclarity.

{{00:01:42}}
That's letting me know that my information
has been spotted on the deep and dark web.

{{00:01:47}}
It looks like I was affected by the breach of the California DMV.

{{00:01:51}}
And I'm going to jump over into digital banking at
my provider, grower financial, to figure out exactly

{{00:01:57}}
what's happened with my identity, along with the things
that I can do to stay safe so I can have a log in.

{{00:02:04}}
And, you know, once I log in, I want to go through the experience.

{{00:02:07}}
So you're going to notice that the experience
around these dark web notifications is notably

{{00:02:13}}
different than what you'll see in other solutions.

{{00:02:16}}
Not the least of which because we're building this
capability and this experience directly into digital banking.

{{00:02:22}}
But once I log in, I'm going to see the
bridge clarity widget here on the right.

{{00:02:27}}
And there's my one new identity exposure.

{{00:02:30}}
That's that California DMV breach.

{{00:02:32}}
I'm going to click through, into the dashboard.

{{00:02:34}}
We'll talk more about some of this other stuff here in just a moment,
but I'm going to go down and look, there's my data breach, right?

{{00:02:41}}
It's new California DMV.

{{00:02:44}}
Let's pull it up and see what we see.

{{00:02:47}}
Now as opposed to how most consumers are receiving information
on these dark web breaches we are completely flipping the script.

{{00:02:55}}
So it's just not a, a massive dump of
text that leaves that user confused.

{{00:03:00}}
Instead, what we want to do is drive action and so we
start by providing that user with the Breachclarity score.

{{00:03:07}}
This is the only consumer oriented score around data breaches.

{{00:03:11}}
So think of it like, like the Richter scale.

{{00:03:13}}
For data breaches.

{{00:03:14}}
It's my way of knowing at a glance, just
how meaningful that breach is for me.

{{00:03:20}}
It gets my attention.

{{00:03:22}}
Now, once it has my attention, I want to know
what it means and so breach clarity in real time.

{{00:03:28}}
Is identifying the risks that this
data breach is causing for my identity.

{{00:03:33}}
I can dive in, learn more if there's language that the bank or
credit union likes to use around these different risks, maybe

{{00:03:40}}
information in their security center, we can bring that all directly
into the platform, but the goal is really to drive them to action.

{{00:03:47}}
So we are calculating again, based on what we know about the
breach, what the risks are, and then subsequently what they

{{00:03:52}}
need to do and so we're going to give them a very specific
prescription, including things that they can do outside

{{00:03:58}}
of the banking relationship, as well as things internally,
we'll dive a little bit more into that here in just a second.

{{00:04:04}}
Thanks Al you already saw a lot of differentiators
there, but let's take you through another one.

{{00:04:09}}
Everybody's received one of these, a data breach notification letter.

{{00:04:13}}
What do you do with it straight into the trash?

{{00:04:15}}
That's what your customer does too.

{{00:04:17}}
Oftentimes they'll first call the bank's call center.

{{00:04:20}}
It's costing you money and not putting,
giving them any useful information.

{{00:04:24}}
Al is going to take us through how we go beyond the information,
these letters that simply confuse people and frustrate them.

{{00:04:33}}
We show them what specific ID fraud risks were raised
out of 12 and our comprehensive model and what action

{{00:04:39}}
steps out of 51 possible best protect them and their FI.

{{00:04:44}}
And this is through data that goes far beyond the dark.

{{00:04:46}}
And we've got the only exclusive access to that database Al.

{{00:04:50}}
Thanks, Jim.

{{00:04:51}}
So let's say I have a question about a data breach.

{{00:04:53}}
So what we do know from our own research is that
about half of all consumers have contacted their

{{00:04:59}}
bank or credit union about a breach in the past.

{{00:05:01}}
It doesn't mean they contact them about half the breaches,
but on occasion, when a breach does affect things like

{{00:05:06}}
financial related information, consumers look to their
financial service provider to answer for answers.

{{00:05:12}}
So rather than picking up the phone and contacting the call center,
I'm going to type in the name of the breach and it can be any

{{00:05:18}}
publicly reported breach, but I'm going to type in the name of one.

{{00:05:21}}
That's affected me a small business administration, right.

{{00:05:24}}
A timely example.

{{00:05:26}}
And so in this case, I'm going to get that same kind of information
that you saw when it came to the California DMV, you're going

{{00:05:32}}
to see that breach clarity score on a scale of one to 10.

{{00:05:34}}
This one happens to be a four, so a little bit less than impactful.

{{00:05:38}}
You're going to see again, those risks and
those risks are specific to the breach.

{{00:05:42}}
It can include things like targeted scans aswell.

{{00:05:45}}
Again,a really timely threat factor affecting a lot of
your members and customers, but most importantly, we're

{{00:05:51}}
going to show those action steps for this breach event and
you'll notice that a couple of them had that bank logo.

{{00:05:57}}
And what that's telling us is that these
are actions I can take at the institution.

{{00:06:02}}
65% of the time reach clarity is going
to recommend that the user take action.

{{00:06:07}}
At their financial institution.

{{00:06:09}}
And in fact, for some of the digital banking platforms,
we're building out this capability for today.

{{00:06:15}}
We are literally putting that toggle
right there next to the action step.

{{00:06:18}}
So I'm going from a question about a breach or even a breach
notification in the last example to instant answers as to what

{{00:06:25}}
it means for my identity and then I have that tool, right.

{{00:06:28}}
That answer, that fix right at my fingertips
and that's going to meaningfully drive adoption

{{00:06:34}}
of security controls within your environment.

{{00:06:37}}
Thanks Al in summary, Breachclarity is customer
facing and personalized identity health.

{{00:06:44}}
All for the first time, in all insight, retail, digital
banking for stronger acquisition engagement, protected

{{00:06:51}}
protection against losses and services and improved loyalty.

{{00:06:56}}
Our demand prediction research of a thousand consumers chose
Breachclarity has the same appeal as free credit scores

{{00:07:02}}
and in particular with young adults, let's replace one size
fits all security advice that consumers want no part of.

{{00:07:11}}
With a more profitable opportunity for
digital engagement that also cuts losses.

{{00:07:17}}
Let's talk about strengthening your return on
investment in your customer's financial health.

{{00:07:22}}
We'd love to talk with you about that.

{{00:07:24}}
Thank you.

{{00:07:26}}
Nicely done gentlemen.

{{00:07:27}}
So a couple of quick questions are, you know, first off, obviously
a lot has changed since your demo at finoavte fall last year.

{{00:07:33}}
If you unpack that a little bit.

{{00:07:35}}
Since last year we built a product we've added
three clients all in different related sectors.

{{00:07:40}}
We've won the award at Finovate.

{{00:07:43}}
We're I'm the one from your judges, which we're so proud of.

{{00:07:45}}
We hope to win another award here today.

{{00:07:48}}
Cool.

{{00:07:48}}
All right.

{{00:07:48}}
So another question for you, you know, what we saw today was clearly
the customer facing solution can FIS also use Breachclarity's

{{00:07:54}}
technology to manage fraud without the customer being involved?

{{00:07:58}}
Absolutely.

{{00:07:59}}
So about the rollout to other solutions,
enterprise solutions here in queue.

{{00:08:03}}
And the beauty of what we're building is that it's designed to
be layered and we've seen in our own data that when you get that

{{00:08:09}}
customer, a member using premium, and then you layer in our fraud
tools on the enterprise side, there's a 35% predictive lift.

{{00:08:17}}
Right.

{{00:08:18}}
So you know, we're super excited to
get these things out to the market.

{{00:08:22}}
Awesome.

{{00:08:22}}
No, that's great.

{{00:08:22}}
Okay.

{{00:08:23}}
So last question for you looks like we have some
time you recently won the Finovate award for the

{{00:08:27}}
top emerging tech company, you know, as we heard.

{{00:08:29}}
But what's, what's next?

{{00:08:30}}
What's on the horizon for Breachclarity?

{{00:08:32}}
Well, I mean we do have IP in 30 countries and we've
gotten some great interest from Canada, Canada, the UK.

{{00:08:38}}
So I think, you know, after the new year where we get some hiring.

{{00:08:41}}
We might be making a trip north of
the border and across the pond, right.

{{00:08:45}}
To spread some Breachclarity love.

{{00:08:47}}
Awesome.

{{00:08:47}}
Well, that sounds great.

{{00:08:48}}
Thanks so much.

{{00:08:49}}
Absolutely.

{{00:08:50}}
Thanks.

{{00:08:50}}
Great.

{{00:08:51}}
Thank you.

I'm Jim van Dyke here with Al Pascual and we've created the only
all new category of FinTech, you'll see here at Finovate today

with a solution that fits in literally every single retail,
financial services institution, FinTech, and consumer, we

formerly ran javelin strategy and research and went on to prove
breach claritys methodologies as legal sector, expert witnesses

in massive data breaches like Equifax, Marriott, and yacht.

Did you know that data breaches created $39 billion
at losses at retail financial services institutions.

And that's just the US alone last year and annual
spend on consumer products like LifeLock is $4 billion.

Removing any question about whether or not
consumers are motivated to take action.

We're doing something completely different to stop
everyone's headaches, costs and create better digital

engagement through the digital retail banking platform.

Al's going to take you through the first example and we show
you how breach clarity detects a data breach on the dark web

effecting your customer's personal information, which criminals
used to commit identity fraud, or raise friction at the bank

in order to provide a more frequent and proactive risk update.

All in a way that builds digital confidence.

So we are going to check out this notification from Breachclarity.

That's letting me know that my information
has been spotted on the deep and dark web.

It looks like I was affected by the breach of the California DMV.

And I'm going to jump over into digital banking at
my provider, grower financial, to figure out exactly

what's happened with my identity, along with the things
that I can do to stay safe so I can have a log in.

And, you know, once I log in, I want to go through the experience.

So you're going to notice that the experience
around these dark web notifications is notably

different than what you'll see in other solutions.

Not the least of which because we're building this
capability and this experience directly into digital banking.

But once I log in, I'm going to see the
bridge clarity widget here on the right.

And there's my one new identity exposure.

I'm going to click through, into the dashboard.

We'll talk more about some of this other stuff here in just a moment,
but I'm going to go down and look, there's my data breach, right?

Now as opposed to how most consumers are receiving information
on these dark web breaches we are completely flipping the script.

So it's just not a, a massive dump of
text that leaves that user confused.

Instead, what we want to do is drive action and so we
start by providing that user with the Breachclarity score.

This is the only consumer oriented score around data breaches.

So think of it like, like the Richter scale.

It's my way of knowing at a glance, just
how meaningful that breach is for me.

Now, once it has my attention, I want to know
what it means and so breach clarity in real time.

Is identifying the risks that this
data breach is causing for my identity.

I can dive in, learn more if there's language that the bank or
credit union likes to use around these different risks, maybe

information in their security center, we can bring that all directly
into the platform, but the goal is really to drive them to action.

So we are calculating again, based on what we know about the
breach, what the risks are, and then subsequently what they

need to do and so we're going to give them a very specific
prescription, including things that they can do outside

of the banking relationship, as well as things internally,
we'll dive a little bit more into that here in just a second.

Thanks Al you already saw a lot of differentiators
there, but let's take you through another one.

Everybody's received one of these, a data breach notification letter.

What do you do with it straight into the trash?

Oftentimes they'll first call the bank's call center.

It's costing you money and not putting,
giving them any useful information.

Al is going to take us through how we go beyond the information,
these letters that simply confuse people and frustrate them.

We show them what specific ID fraud risks were raised
out of 12 and our comprehensive model and what action

steps out of 51 possible best protect them and their FI.

And this is through data that goes far beyond the dark.

And we've got the only exclusive access to that database Al.

So let's say I have a question about a data breach.

So what we do know from our own research is that
about half of all consumers have contacted their

bank or credit union about a breach in the past.

It doesn't mean they contact them about half the breaches,
but on occasion, when a breach does affect things like

financial related information, consumers look to their
financial service provider to answer for answers.

So rather than picking up the phone and contacting the call center,
I'm going to type in the name of the breach and it can be any

publicly reported breach, but I'm going to type in the name of one.

That's affected me a small business administration, right.

And so in this case, I'm going to get that same kind of information
that you saw when it came to the California DMV, you're going

to see that breach clarity score on a scale of one to 10.

This one happens to be a four, so a little bit less than impactful.

You're going to see again, those risks and
those risks are specific to the breach.

It can include things like targeted scans aswell.

Again,a really timely threat factor affecting a lot of
your members and customers, but most importantly, we're

going to show those action steps for this breach event and
you'll notice that a couple of them had that bank logo.

And what that's telling us is that these
are actions I can take at the institution.

65% of the time reach clarity is going
to recommend that the user take action.

And in fact, for some of the digital banking platforms,
we're building out this capability for today.

We are literally putting that toggle
right there next to the action step.

So I'm going from a question about a breach or even a breach
notification in the last example to instant answers as to what

it means for my identity and then I have that tool, right.

That answer, that fix right at my fingertips
and that's going to meaningfully drive adoption

of security controls within your environment.

Thanks Al in summary, Breachclarity is customer
facing and personalized identity health.

All for the first time, in all insight, retail, digital
banking for stronger acquisition engagement, protected

protection against losses and services and improved loyalty.

Our demand prediction research of a thousand consumers chose
Breachclarity has the same appeal as free credit scores

and in particular with young adults, let's replace one size
fits all security advice that consumers want no part of.

With a more profitable opportunity for
digital engagement that also cuts losses.

Let's talk about strengthening your return on
investment in your customer's financial health.

So a couple of quick questions are, you know, first off, obviously
a lot has changed since your demo at finoavte fall last year.

Since last year we built a product we've added
three clients all in different related sectors.

We're I'm the one from your judges, which we're so proud of.

Breach Clarity was founded in 2019 by industry veterans Jim Van Dyke and Al Pascual to empower consumers and the organizations they trust to manage the risks of post-breach fraud. For financial institutions and other trusted providers, our digital-first platform encourages partnership with their customers to improve engagement, bolster security and trust, and lower costs associated with third-party breaches.