A leading figure from global verification provider Sumsub urged business leaders to stop resorting to temporary solutions on strengthening their cybersecurity posture and start doing vulnerability inspections instead.
Penny Chai, Sumsub’s vice president of business development in the Asia
Pacific, acknowledged that businesses that are deep into the technological debt will find the incorporation of AI in their anti-fraud defenses difficult today.
Many old businesses, especially in sectors like e-commerce, have implemented numerous stop-gap solutions to patch vulnerabilities as they arise, often leading to a tangled web of systems that are difficult to manage and secure.
“The way to do this is to look at—do an audit of that vulnerability,” she said.
Chai said that the audit is the first step in understanding where the most significant risks lie and how they can be addressed. Then, the Sumsub leader suggested to businesses that they consider solutions that can augment their current systems without requiring a complete overhaul
For example, she pointed out that Sumsub’s suite of features can be tailored to address specific vulnerabilities within a company’s existing framework.
“You can actually make sure that you cover those vulnerabilities at this point,” Chai said, emphasizing the need for targeted improvements.
Moreover, Chai advised companies to think about scalability and long-term resilience. “Then look at the broader terms of a longer time horizon,” she continued.
She advised businesses to seek out partners with a “strong track record” of adaptability, particularly those that offer customization options.
This flexibility is crucial, she said, not only for adapting to changing regulatory environments but also for ensuring that customer experiences are tailored to the unique needs of different markets.
Sumsub, which was founded in 2015, is an AI-powered identity verification platform that offers transaction and fraud prevention solutions.
It has over 2,500 clients all over the world. Its clientele consists of companies that come from different industries like gaming, fintech, and e-commerce.
