Identity Fraud, Inc. Launches Comprehensive Data Theft Risk Management and Insurance Program for Small Business
PR Web |
2012 ETA Annual Meeting & Expo –
“We are pleased to announce the release of our SB Core Protector programs at the ETA conference. The companies attending work with sensitive payment information and touch millions of merchants. Every business has a business identity, sensitive customer data, employees and compliance obligations. With the value of data being high and attracting thieves worldwide, protecting against data risks and identity crimes has become essential” states
Many companies keep sensitive personal information about customers or employees in their files. Having a sound security plan in place can help you meet your legal requirements to protect that sensitive information
“While much of our focus here in
Dr.
Every business has significant and real exposures to business identity fraud and separately, to data breach incidents involving customer information, trade secrets or other data assets. Although each involves a breach to data, to clarify the difference, a data breach is typically defined as the loss or theft of sensitive customer information, like an individual’s name plus their Social Security Number (SSN), driver’s license number, medical record or financial record/credit/debit card, which exposes the information to unauthorized use/fraud. An extract of notable data breach industry reports and statistics includes:
• Total number of records containing sensitive personal information involved in security breaches in the U.S. is 544,817,607 in 3,002 data breaches since
• The total number of attacks is on the rise, while the number of records exposed per breach declines, indicating a willingness in the cybercriminal underground to go after the smaller, easier targets. (
• Malicious attacks (defined as a combination of hacking and insider theft) accounted for nearly 40 percent of the recorded breaches in 2011. Hacking attacks were responsible for more than one-quarter (25.8 percent) of the data breaches recorded. (Identity Theft Resource Center’s 2011 Breach Report).
When data loss occurs, incident response obligations and liabilities arise as influenced by data breach notification laws in 46 states. There is little doubt, data theft risks and costs are significant, in part influenced by the type of data lost and the interruption to operations.
In contrast to the breach of sensitive customer or employee data, is the theft of business identifying information or ‘BII”. Business identity fraud occurs when a thief writes a fraudulent check, steals a business license, bank account, merchant account, EIN, web site and/or other BII and uses the information fraudulently for abuse or gain. While the much publicized consumer identity theft remains an epidemic affecting roughly 10 million individuals each year as highlighted in reports by Javelin Strategy & Research, business identity fraud presents a much newer and devastating scourge. Indeed, the typical risks and severity of loss are much greater for a business than for an individual. Having admitted “A Rated” insurance combined with business identity monitoring tools and resolution to protect the business and support other risk management efforts is simply timely and prudent.
For more details on IFI, its SMB programs or to download the IFI Data Theft Risk Management Study conducted by the
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5 Tips to Help Protect Your Business Identity, Your Clients and Your Employees
1. Data Security
Many companies keep sensitive personal information about customers or employees in their files. Having a sound security plan in place can help you meet your legal requirements to protect that sensitive information.
2. Identity Security: Protect Your Employee and Client Data
Does your company keep sensitive data —
3. Plan Ahead: Implement a Written Security / Data Breach Incident Response Plan
Taking steps to protect personal information in your files and on your computer can go a long way toward preventing a security breach. Nevertheless, breaches can happen. Putting together a “What if?” action strategy now may help reduce the impact an information breach can have on your business, your employees, and your customers.
4. PCI Data Security Standard (PCI DSS)
PCI Compliance is vital for all merchants who accept credit cards, online or offline, because nothing is more important than keeping your customer’s payment card data secure. This is the first "layer of security" a merchant should follow to reduce the risk of a data breach, loss of client data or employee records.
Small businesses often believe they're too small to interest identity thieves, but they're wrong. Identity thieves have an intense interest in small businesses. For example, a small business identity can easily be stolen by a check forgery ring dealing in gray market goods.
Read the full story at http://www.prweb.com/releases/Identity_Fraud/SB_Data_Breach/prweb9404953.htm
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