Nintex Case Studies Rapid Response to Data Breaches: A Case Study on Banking Institution's Use of IoT

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	Rapid Response to Data Breaches: A Case Study on Banking Institution's Use of IoT Nintex

Rapid Response to Data Breaches: A Case Study on Banking Institution's Use of IoT

Nintex

Technology Category	Analytics & Modeling - Robotic Process Automation (RPA) Infrastructure as a Service (IaaS) - Backup & Recovery
Applicable Industries	Finance & Insurance
Applicable Functions	Human Resources Maintenance
Use Cases	Leasing Finance Automation Material Handling Automation
Challenge	In 2013, the Target Corporation experienced one of the largest credit card breaches in history, with hackers stealing nearly 70 million credit and debit card numbers. This breach had a significant impact on small and mid-sized card issuers, who were faced with the daunting task of manually changing card holder limits, noting accounts, and then cancelling and reissuing cards. A Massachusetts-based community bank with $500 million in assets found that approximately 10% of their card holder base (900 cards) was potentially affected by the breach. The traditional recovery process from such a breach involves manually sending a letter and e-mail to affected customers, manually lowering transaction limits, manually updating account information, and then manually cancelling and reissuing cards. This process is time-consuming, labor-intensive, and prone to human error. Read More
About Customer	The customer in this case study is a Massachusetts-based community bank with $500 million in assets. The bank was significantly affected by the 2013 Target Corporation credit card breach, with approximately 10% of their card holder base (900 cards) potentially compromised. The bank was faced with the daunting task of manually changing card holder limits, noting accounts, and then cancelling and reissuing cards. However, as a customer of Nintex Foxtrot RPA, the bank was able to utilize this data automation software to automate the entire recovery process, saving significant time and money, and ensuring 100 percent accuracy. Read More
Solution	The bank, already a customer of Nintex Foxtrot RPA, utilized this data automation software to automate the process of cancelling and reissuing compromised cards, quickly and accurately, to minimize customer downtime. Nintex Foxtrot RPA works like an automated employee to perform any unstructured manual task, like data entry or maintenance, automatically and with total accuracy. The bank identified any accounts that were both active and potentially affected by the Target breach using their data warehouse. Nintex Foxtrot RPA then pulled those customers’ names, addresses, and other information and populated a form letter and e-mail notifying customers of the compromise. It then automatically performed file maintenance, changing user codes and adding notes to each affected account. The bank then began the process of adjusting debit limits and updating user codes for each of the roughly 900 cards believed to have been compromised. All of this was completed in a couple of hours. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Robotic Process Automation (RPA)

Infrastructure as a Service (IaaS) - Backup & Recovery

Applicable Industries

Finance & Insurance

Applicable Functions

Human Resources

Maintenance

Use Cases

Leasing Finance Automation

Material Handling Automation

Challenge

In 2013, the Target Corporation experienced one of the largest credit card breaches in history, with hackers stealing nearly 70 million credit and debit card numbers. This breach had a significant impact on small and mid-sized card issuers, who were faced with the daunting task of manually changing card holder limits, noting accounts, and then cancelling and reissuing cards. A Massachusetts-based community bank with $500 million in assets found that approximately 10% of their card holder base (900 cards) was potentially affected by the breach. The traditional recovery process from such a breach involves manually sending a letter and e-mail to affected customers, manually lowering transaction limits, manually updating account information, and then manually cancelling and reissuing cards. This process is time-consuming, labor-intensive, and prone to human error.

About Customer

The customer in this case study is a Massachusetts-based community bank with $500 million in assets. The bank was significantly affected by the 2013 Target Corporation credit card breach, with approximately 10% of their card holder base (900 cards) potentially compromised. The bank was faced with the daunting task of manually changing card holder limits, noting accounts, and then cancelling and reissuing cards. However, as a customer of Nintex Foxtrot RPA, the bank was able to utilize this data automation software to automate the entire recovery process, saving significant time and money, and ensuring 100 percent accuracy.

Solution

The bank, already a customer of Nintex Foxtrot RPA, utilized this data automation software to automate the process of cancelling and reissuing compromised cards, quickly and accurately, to minimize customer downtime. Nintex Foxtrot RPA works like an automated employee to perform any unstructured manual task, like data entry or maintenance, automatically and with total accuracy. The bank identified any accounts that were both active and potentially affected by the Target breach using their data warehouse. Nintex Foxtrot RPA then pulled those customers’ names, addresses, and other information and populated a form letter and e-mail notifying customers of the compromise. It then automatically performed file maintenance, changing user codes and adding notes to each affected account. The bank then began the process of adjusting debit limits and updating user codes for each of the roughly 900 cards believed to have been compromised. All of this was completed in a couple of hours.

Impact #1	The use of Nintex Foxtrot RPA allowed the bank to manage the data breach recovery process in a more efficient and accurate manner. The automation software performed tasks that would have otherwise been handled manually, reducing the risk of human error and significantly speeding up the recovery process. The bank was able to quickly notify customers of the breach, update their spending limits, and issue new cards, thereby minimizing customer downtime and inconvenience. Furthermore, the bank was able to mitigate the risk associated with the fraud and minimize the amount of interchange income they would lose. The bank's Assistant Vice President of Operations Systems noted that once a process is built with Nintex Foxtrot RPA, it's not even an event anymore, highlighting the software's ability to effectively manage such situations.

Impact #1

The use of Nintex Foxtrot RPA allowed the bank to manage the data breach recovery process in a more efficient and accurate manner. The automation software performed tasks that would have otherwise been handled manually, reducing the risk of human error and significantly speeding up the recovery process. The bank was able to quickly notify customers of the breach, update their spending limits, and issue new cards, thereby minimizing customer downtime and inconvenience. Furthermore, the bank was able to mitigate the risk associated with the fraud and minimize the amount of interchange income they would lose. The bank's Assistant Vice President of Operations Systems noted that once a process is built with Nintex Foxtrot RPA, it's not even an event anymore, highlighting the software's ability to effectively manage such situations.

Benefit #1	Nintex Foxtrot RPA was able to reissue cards at a rate of 6 per minute, and update and note 10 accounts per minute.
Benefit #2	The bank saved thousands of dollars in outsourcing by using Nintex Foxtrot RPA to automate the data breach recovery.
Benefit #3	The bank was able to condense what would otherwise be a days-long process into a matter of hours.

Benefit #1

Nintex Foxtrot RPA was able to reissue cards at a rate of 6 per minute, and update and note 10 accounts per minute.

Benefit #2

The bank saved thousands of dollars in outsourcing by using Nintex Foxtrot RPA to automate the data breach recovery.

Benefit #3

The bank was able to condense what would otherwise be a days-long process into a matter of hours.

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Overview

Rapid Response to Data Breaches: A Case Study on Banking Institution's Use of IoT

Operational Impact

Quantitative Benefit