As data breaches become more prevalent, companies must try to stay ahead of the curve and be prepared to respond to any kind of security incident. In an effort to provide a glimpse into what 2016 could bring, Experian Data Breach Resolution released its third annual Data Breach Industry Forecast white paper. After having conversations with leading industry experts and handling more than 3,000 data breaches in just this year, Experian Data Breach Resolution was able to harness this information and create five key predictions outlined in the white paper. Some issues still will remain relevant in 2016, but there are a few emerging areas that will get on the radar. What can organizations expect in 2016? Global cyber conflicts, the rise of hacktivism, and disruptions during the presidential campaign are just few of the topics addressed in the paper. We hope this information helps businesses with their data breach preparedness and incident response. As we have seen, no data breach is the same. And no one is immune. Executives from across an organization’s spectrum from IT to HR and industries ranging from retail to healthcare should keep abreast of the data breach landscape and how evolving threats will affect their company. To read all five predictions, download the complimentary white paper at http://bit.ly/1l05dq8.  Hear from industry experts on what they foresee in 2016 in our Talking Data Breach video series: http://bit.ly/1N6iELD.

The following interview was conducted by William Vorhies and featured on Data Science Central. Q: What work does a data scientist do and what knowledge do they need? A: 90% of the data in the world has been created in the last two years. Data Scientists retrieve, sift, analyze, process, and store all the data according to business or consumer needs. Simply put, Data Scientists convert the collected and analyzed data into business intelligence. Thus, there are multiple attributes a Data Scientist should have. Not only should they have technical expertise and coding capabilities, but they should also have good intuition and communication skills. Q: How does the work data scientists do improve and protect the lives of people? A: There are breakthrough experiments going on every day that are doing good things with data.  For consumers, it can help them with things such as secure an affordable loan and improve their credit score. It can even help protect identities by detecting and stopping suspicious activity. For businesses, the data can mitigate risk, help prevent fraudulent transactions, or even ensure marketing to proper audiences. Businesses need data scientists to stay competitive and up to date with products, processes, and business operations. Q: What are some of the challenges that face Data Scientists today? A: One of the biggest challenges for Data Scientists is the ability to access and use data.  Since the field is relatively new, many businesses’ security and compliance regulations have yet to catch up, blocking data scientists from the necessary data. Without access, Data Scientists cannot accurately analyze the data set and find helpful insights that can impact consumers, business and society.  As long as privacy rights are respected, adequate security measures are in place to protect personal information, compliance protocols are carefully maintained and there remains a total commitment to data accuracy, the opportunities brought by the use of data by Data Scientists should not be hindered. Q: What does the future hold for Data Scientists? A: Over the last several years, organizations have invested significantly in data collection, storage and analytical platforms.  In the future, their focus will be on developing impactful analytical intelligence and applying it to business processes.  Data scientists with business acumen and solid analytical capability will play an instrumental role in this process.  This presents tremendous opportunities for data scientists to have a positive impact on business and society. Powered by big data analytics, business will happen more in real-time and be tailored for individuals. Examples include, consumers being able to design their own car online, having their medicine customized for their specific needs and delivered to them even before they know they need it. The productivity increase from big data analytics will help us use data for good by benefiting people, our society and our economy. Q: What are some tips for those who would like to work in Data Science? A: As the field grows, keep an open mind and evolve with it. Work hard, think outside the box, and learn as much as you can about the technical side of being a data scientist. Be responsible with the data and realize the potential the data can have to solving problems. Always ask yourself how the data can be used to positively impact the lives around you, and use that to guide your design and development. Bio Dr. Shanji Xiong is the Chief Scientist of Experian’s Global DataLabs. Prior to his current role, he held senior positions with Morgan Stanley, FICO, HNC, and ID Analytics.  For the past 20 years, he has been working in the “Big Data” area, developing analytical solutions for financial, telecommunication and insurance companies.  Dr. Xiong received his doctoral degree from Columbia University in Engineering Mechanics.

The following article was written by Kassandra Kurth, Director of Strategic Initiatives for Experian Health, and featured in Executive Insight:  Touchless Healthcare is Becoming More Prevalent The revenue cycle, however, is anything but Telemedicine has transformed the healthcare industry. From rural America, where in-person doctor visits are difficult, to the farthest reaches of the globe, internet technology allows doctors to visit the sick, diagnose illness, prescribe medicine and even perform surgery without ever actually touching a patient. The recent focus of healthcare automation for providers has been on electronic clinical documentation, but providers also have opportunities to automate revenue cycle functions. Identity verification, insurance validation and payment responsibility now demand a disproportionate amount of a medical staff's time. This is true for both specialist care and elective services, in which approval and payment processes require the provider to supply clinical information to the payer prior to treatment. This need for human involvement invariably bogs down the revenue stream. For patients, the overall healthcare experience suffers. Administrative payment uncertainties become a greater concern than the actual treatment. It's difficult for a medical center to predict the extent of insurance coverage and the patient's out-of-pocket costs. There are just so many variables impacting projected liability that it's unreasonable for facilities that rely on manual processing to provide estimates. While a facility may have an established book of clinical charges, specific procedures can carry variable costs, which must be verified with the appropriate department. In addition, individual insurance carriers have contracted coverage rates and policyholders have varying deductibles, copays and limits that must be considered. The cost-estimation process is so time-consuming – and requires such an abundance of coordination between the physician's plan of care and services provided and the healthcare facility -that many caregivers do not attempt to provide estimates. These concerns are echoed by Lisa Rickey, Patient Access Manager at Brazosport Regional Hospital in Texas. "We had three employees working on estimates for scheduled events and never knew how long each would take to produce," she said. "Because it was not a seamless part of registration, it actually became a negative part of the patient experience." Another concern is remote access to documents – not just by caregivers, but also by insurance providers, labs and patients themselves – via patient portals. While this is becoming the norm, it introduces the same security vulnerabilities seen in financial transactions. To address these issues, robust revenue cycle management (RCM) solutions are being developed that combine a number of analytical tools similar to those used by the credit industry. Medical document processors are now adopting the same information-processing and security technologies used in the financial services and credit industries. In fact, RCM is one of the fastest-growing health information segments. A recent article cited no fewer than 83 companies that are staking a claim in this space. These integrated patient information access, claims management and collections products automate many patient care administrative functions. By leveraging data and analytics, manual tasks such as eligibility and benefits verification, preauthorization, medical necessity, and billing and collections can be streamlined, reducing handling and shortening the payment cycle. Initially these systems were adopted by larger hospitals, which have the technical staff needed to support RCM implementation and benefit most from RCM automation. However, recent advances in ease of deployment have led to more individual practices and private physicians' offices recognizing the benefits as well. Information management companies with legacy workflow, business intelligence and data analytics tools also recognize the overlap between their existing products and the need for comparable tools tailored to healthcare. These providers either have customized established products or partnered with (or acquired) healthcare information companies. Experian Health's acquisition of Passport Health, for example, ties Passport's well-established RCM technology to Experian's established data analytics and revenue-recovery expertise. This powerful combination is expanding RCM to more than 3,000 hospitals and more than 10,000 other medical and ancillary groups across the U.S. Integrating RCM Practices are challenged by the need to integrate RCM with their existing workflows and those of partnering providers. Referring doctors, testing labs and a host of insurers each have their own technology. On the back end, credit and collections procedures may carry another set of tools that must be compatible. For many medical professionals or specialty medical facilities, this is a major barrier to adopting better platforms. A practice can't stop its current process while it ramps up a new one, and few have a large internal IT staff to complete the task. For this reason, it's important to partner with a skilled integrator to maximize the benefits of a revenue cycle solution. A product integrator can assess the unique workflow and objectives and determine the optimal combination of solutions. Ideally, users will be able to make updates to their existing process to align with RCM products. For specialty medical practices such as oncologists or radiologists, each step in the care process carries a measurable cost. Minimizing the time and labor required for each workflow stage translates into better patient care and improved revenue cycles. Each phase – from initial patient identification, service ordering and scheduling through patient admission and treatment, insurance coverage verification, and finally payment collection and archiving – can benefit from a streamlined process. A comprehensive RCM solution can help providers manage the entire patient continuum from registration through recovery. Tasks such as eligibility and benefit verification can be analyzed in batches or in real time at the point of service, ultimately reducing readmissions. Manual data functions like patient verification and prospective financial responsibility assignment can be streamlined. In addition, risk scoring, preauthorization and medical necessity evaluation (critical for Medicare eligibility) can be analyzed. "Many healthcare delivery organization CIOs resist making changes to revenue cycle management applications at their own peril," cautioned HIM Consultant Melanie A. Meyer, writing for Gartner. "CIOs should make investments now to achieve an enterprise view of RCM and deliver these next-generation capabilities." Integrated patient and payment RCM systems, which offer insights from real-time data-handling capabilities and advanced analytics along with competent integration and consultative services, are giving healthcare providers greater control over their revenue processes. By leveraging data in beneficial ways, caregivers finally can move away from pushing paper and get back to the business of healing patients.

Through Experian’s long-standing partnership with the UCI Paul Merage School of Business, I had the pleasure of participating recently in UCI’s Distinguished Speaker Series. I spoke about the role big data plays in today’s economy, and how data is being used as a force for good. My message to the 300+ attendees was clear – big data is everyone’s business. And it’s only going to get bigger. We have 90% more data today than we had just 2 years ago. What will happen in the next 2 years, much less the next 10? As big data gets bigger, how can we use it in even better ways, as a much greater force for good in society? Where we’re headed In the next decade, I predict that: Every single industry – from food service to entertainment to technology to retail – will be using big data in some way. We’re moving quickly in that direction already. A recent Gartner survey found that three-quarters of companies plan to invest in big data over the next 2 years. We’ll be using big data to cure big diseases. I believe we can fully cure cancer and HIV, among others, if we can tap into new insights from wearable technologies and genetic mapping, and put all that data to good use. Big data will help our economy improve. The presidential candidates may argue about the best way to create jobs and increase wealth, but any way you look at it, big data has to be a part of it. The more we can capture trend data on spending patterns and investment returns, the more we can be smart about where we spend our tax dollars, and even how we manage our personal finances. In other words, big data is going to become the backbone of society in ways we least expect today. Sometime in the future, when you go to a museum or an art gallery, big data will make your experience  more personal, more customized, and more relevant to your interests. We’re starting to see hints of this now. Think of how you might receive coupons on your phone for cheaper drinks at the ballpark food counter, because your phone realized you were at the game. “But I think we’re going to take this to an even higher level.” Imagine if we could add virtual reality to your experience – so that, when you walk into an art museum, your phone generates a hologram of your favorite artist. Overall, you’ll be getting a lot more value out of your everyday experiences. Some of the best uses of big data will be in the public sector, an area we’re already achieving significant benefits. Right now, big data is helping to improve public services, transportation and land use. Of particular interest these days, big data is helping to protect public safety in large crowds. And it’s helping people at hospitals figure out how to pay for their care, and pinpointing the most cost-effective payment plans. I think opportunities for big data will continue to expand within the public sector. How we get there But this will only happen if we take the right steps now: We all need to keep learning. This is the message I emphasized with the audience at UCI. No matter where you are in your career, it can only help to sharpen your skills in data and insights analysis. There’s more to discover, every day. Develop policies that encourage data-sharing. We can only benefit from big data if we make it easy for companies and governments to exchange the type of information that will ultimately make our world better. We have a tremendous responsibility to help implement policies that support that goal. Look beyond the obvious. Keep thinking of new sources of data and new applications for it. We’ll all benefit from thinking creatively. That’s the focus we’ve been taking at Experian. One example is our DataLabs, where we are using breakthrough experiments to take risks, so we can do good things with data on behalf of our clients. And we think the world will be better in the long run because of it. Watch these video excerpts from this event: Using Big Data For So Much More How is Big Data Helping Entrepreneurs Big Data Hurdles ### Craig Boundy is the CEO of Experian North America

In a recent report, the Consumer Financial Protection Bureau (CFPB) estimated that there are more than 45 million American consumers that are “credit invisible,” meaning that they either have no credit history or a credit file too thin to receive access to mainstream credit products. This limits their ability to get an affordable loan for a car, realize the dream of homeownership or even restricts access to capital to start a small business.  More frequently, a lack of credit history forces consumers to turn to more expensive, short term lending options. While credit invisibles may not have a traditional credit history, many make their cable, utility and mobile phone payments on time. However, this on-time payment data is not being included in their credit file. Historically, telecom and utility companies have only reported instances when a consumer is behind on payments or an account has been turned over to collections. This means that credit invisibles may have negative data from telecom and utility companies in their file, but are unable to build their credit file with positive data even if they make on-time payments each month. The good news is that Congressional leaders have recognized the need for action. On December 3 the Credit Access and Inclusion Act (H.R. 4172 and S.2355) was reintroduced in Congress, with Representatives Mike Fitzpatrick (R-Penn.) and Keith Ellison (D-MN) taking the lead in the House and Senators Mark Kirk (R-Ill.) and Joe Manchin (D-WVA) taking up the effort in the Senate. The bipartisan bill would amend the Fair Credit Reporting Act to make clear that utilities, telecommunication and rental companies can report on-time payment histories and positive data to the nation’s credit reporting bureaus, rather than just late payments or collection actions that they are currently furnishing. It would in no way require these companies to do so, but would help reassure these entities that there are no regulatory barriers to reporting on-time payment information. There is a detailed track record of research showing how the inclusion of alternative data will enable millions of credit invisible American consumers who have a proven track record of meeting financial obligations to access mainstream credit. A recent study by PERC and the Brookings Institution found that when energy utility and telephone firms report timely and late payment data alike, those who are deemed credit invisible shrunk to around 5 million. A separate study has also shown that the inclusion of this credit data would be a net positive for traditionally underserved populations, including minorities, young adults and the elderly. Moreover, a 2014 Experian study found that by including on-time utility payments in credit reports, there was nearly a 50 percent drop in subprime consumers with credit scores* between 300 and 600; a 54 percent increase in consumers considered nonprime with credit scores between 601 and 660; and a 15 percent increase in those with credit scores over 661, generally considered prime. I encourage lawmakers to take up this legislation and move it forward to ensure that consumers receive credit for meeting their financial obligations.

The Orange County Register recently recognized Experian as one of the Top Workplaces among hundreds of leading companies in Orange County for the third year in a row. In addition, we were recognized for our efforts to make our communities better, earning a separate award as the top large business for Social Responsibility. This was based on Experian contributing more than 4,000 hours in volunteer time to various charities, including our work with Big Brothers Big Sisters of Orange County, volunteering time at 25 high schools and providing counseling and help at the OC Rescue Mission. The selection process is based solely on employee feedback gathered from a survey. This methodology is important because it reflects what our employees think of Experian. It shows that we’re more than just a place where people work, rather we’re a community where our team members take pride in contributing. “Every day, our team members go to work with the aim of helping more people achieve their financial goals like buying a home, or helping businesses make better informed decisions through smart analytics,” said former Experian North America CEO Craig Boundy. “Every day, we’re driven to find new ways to use data for good, because corporate social responsibility lies at the heart of Experian.” We promote a culture of community volunteerism.  Last year, Experian employees contributed thousands of hours in volunteer time for our North American philanthropy partners, while raising and donating nearly a million dollars. For example, we provide credit education to people struggling to overcome a legacy of homelessness as part of our data for good mission.  We do this by working with the Orange County Rescue Mission, an organization that provides a host of potentially life-changing services: on-campus housing, drug rehab, counseling, parenting and life skills classes, and job search training. We also partner with the nonprofit American Student Assistance to provide support to recent graduates and students managing their student loan debt. We do this by offering our Credit Educator product at no charge to students, graduates and their parents who have been in touch with ASA and who need information about their credit and how their student funding decisions can affect their future creditworthiness. Social responsibility is at the very heart of Experian – and something that we encourage. “This third consecutive award recognizing us as a Top Workplace in Orange County reflects that our focus on professional development, a positive environment, and opportunities to contribute to our communities is well-received by our team members,” said Boundy. Experian employees continue to make a difference in the Orange County community, which we have called home for more than 40 years. We’re proud that the Orange County Register continues to view Experian as a Top Workplace.

There are many things that can cause angst for consumers during the holiday season including travel delays, overeating, and picking a New Year’s resolution. One of the biggest stressors is often the financial impact of holiday shopping. In fact, according to a national survey by Experian, many respondents are concerned about the financial stress of gift buying and adding debt, as well as becoming an identity theft victim. While some survey respondents feel cheerful (39 percent) and excited (38 percent) about the holidays, many believe holiday shopping is a strain (60 percent), and almost half feel obligated to spend more than they can afford (41 percent). How will they pay for holiday gifts? They will be using credit as almost half of those surveyed plan to use credit for about 25 percent of their expenditures. Unfortunately, missing payments or opening new cards can damage a consumer’s credit profile – ten percent of respondents say holiday shopping has negatively affected their credit scores. Another concern for consumers is the risk of identity theft (50 percent). Survey respondents feel the risk is both present while shopping at “brick and mortar” retail locations or online with 55 percent choosing both as equally vulnerable. While 30 percent of respondents cite online shopping as riskier, almost half still plan to shop online. View the full report in the SlideShare deck below: Experian Consumer Holiday Shopping Survey from Experian_US

On Nov. 8, 2016, citizens across the country will flock to polling stations to cast their votes for the 45th President of the United States. Until then, however, you can expect to hear a number of candidates offer their views on a plethora of political issues over the next year, including small business. As a battleground for political debate and its importance to economic success, small businesses can have a tremendous impact on the upcoming election, and those to follow. Gaining insight into the small business community is more important than ever and critical to understanding their needs and helping them grow. As part of its latest analysis on small businesses, Experian examined the financial and demographic characteristics of small-business owners by political affiliation. The research found that Republicans made up the largest percentage of the small business owner population at approximately 35 percent. They were followed by Democrats at 29.4 percent and Independents at 15.8 percent. Findings from the study also showed that small-business owners who identify as Independent may have the most education experience. More than 73 percent of Independents have some college experience, and 45 percent have earned a bachelor’s degree. Comparatively, 72.3 percent of small-business owners who identify as Republican have some college experience and 44.1 percent have earned a bachelor’s degree, while Democrats account for 66 percent and 39.3 percent, respectively. When it comes to the credit and payment behavior of these small-business owners, the research found that Republicans have the highest average business loan balances and the second-highest consumer loan balances at $9,823 and $193,483, respectively. Democrats fell on the other end of the spectrum with the lowest average business ($7,540) and consumer ($172,653) loan balances. Furthermore, Republican small-business owners demonstrated good payment behavior, with the lowest delinquency rates (91-plus days) for commercial and consumer credit cards at 0.98 percent and 5.8 percent, respectively. For a more in-depth look into the characteristics of small-business owners by political affiliation, register for our Webinar that will take place on Jan. 20, 2016 at 1 p.m. Eastern time. Painting a clearer picture of the small business community, enables government officials, lenders and business professionals to better understand the ins and outs of small-business owners, and gain insight into what matters most to them. Small businesses are the backbone of our economy and fixtures in the local community. By addressing the needs of small businesses, and setting them up for success, our economy and society can continue to prosper.

Small Business Saturday is just around the corner, and as it approaches there are a growing number of advertising campaigns encouraging consumers to forego the big box retailers in favor of shopping local. As a supporter of my own neighborhood small businesses, I can appreciate the effort. After all, the success of small businesses is what really drives our economy forward. Not only do they provide employment opportunities for those in the community, but small businesses often bring a level of innovation and can stimulate growth. However, in the midst of the day-to-day activities, especially during the holiday season, small business owners often overlook a crucial component of their businesses – their business credit. While some small business owners may not realize it, a business’s credit profile can be as critical to its success as heavy foot traffic. At Experian, we’re committed to educating small business owners on the importance of business credit, as well as how they can make their business credit work for them. The actionable insights available through a small business’s credit profile can help position it for new growth opportunities. To help keep small business owners on track this holiday season, below are seven tips to help prevent these often overlooked aspects of business credit. Get your business credit profile into the best shape ever. A positive business credit profile can help your business grow. Lenders and suppliers often make lending decisions and determine interest rates based on the information within your business credit report. Access to financial capital at affordable rates enables small businesses to order inventory, pay employees or expand into new areas. Separate your business credit profile from your consumer credit profile. Building a separation between the two can help your business develop credibility that matters to banks, suppliers and other lenders, as well as protects your consumer credit should your business run into hard times or vice versa. Encourage your creditors and suppliers to report your payment history to commercial credit bureaus. Just because you have a business, do not assume you have a business credit report. Unless your creditors are reporting timely payments to commercial credit bureaus, a good track record will not impact your business credit profile. Pay bills on time! Sound payment practices are key to a solid business credit profile. Timely payments can demonstrate your ability to adhere to agreed-upon credit terms and show that your business is a low credit risk. Be consistent. Making timely payments for an extended period of time is healthy. Just as anything else, a longer track record indicates consistent behavior. The longer a positive commercial account is open, the more confidence a lender can when extending loan terms. Continually monitor your business credit report for accuracy. As small businesses grow and change over time, basic facts about the business can frequently change. It’s important to keep updated information and avoid unpleasant surprises, especially when applying for a loan. Consistent monitoring will also enable owners detect potential business fraud. Check the commercial credit reports of current and potential suppliers. Understanding a potential supplier’s credit history can help identify which businesses you want to do business with. For instance, you may gain insight whether or not a supplier can deliver materials to your business in a timely manner. Small business owners can also learn about the fundamentals of business credit and its impact on a business’s growth during an Experian hosted tweet chat on Thursday, Nov. 12 at 1:00pm Pacific time. You can follow the conversation using #BizSmallTalk. As the saying goes, “knowledge is power.” By gaining a deeper understanding of the ins and outs of business credit, and leveraging the insights from their business’s credit profile, small business owners will be able to open new doors and take their companies to new heights.