A pair of financial fraud experts has launched a tool that analyses data breaches to assess the specific risks they pose before recommending actions that consumers can take to protect themselves.
The Breach Clarity Score tool is based on an algorithm developed by Jim Van Dyke, the founder of Javelin Strategy & Research, for use in legal cases in which he testified as an expert witness.
The patent-pending algorithm analyses 1188 data points to assess the specific risks stemming from publicly-reported breaches, acting like the Richter Scale used for measuring earthquakes.
"Without a single, consistent way to measure the impact of data breaches, every breach feels like an emergency,” says Van Dyke. “There are high-profile breaches that are not as serious as they seem, and smaller, less-visible breaches that can be extremely dangerous.
"Couple that complexity with the growing frequency of data breaches, and consumers are left feeling confused, overwhelmed and even helpless. This often leads to inaction, or taking the wrong action.”
Working with partner Al Pascual, Van Dyke is now looking to bring the tool to the wider public, not only analysing breaches but providing people with recommended actions to mitigate the unique risks of each particular incident.
“The idea is to provide clarity, calm fears and give direction, helping consumers regain a sense of control,” says Pascual. “The Breach Clarity Score conducts a sophisticated analysis, and yet provides quick and simple answers.”
People worried about breaches can use the tool at the Breach Clarity website but the new company also wants to integrate its technology with digital tools such as mobile banking apps.
Van Dyke and Pascual have recently signed up some senior industry players -including former Visa chief risk officer Ellen Richey and ex-VP of financial crimes management for USAA Tom Shaw - to an advisory board.