"The single largest cause of identity theft is poor information management practices by organizations that collect data on their customers. Security measures implemented by most companies are not enough to prevent identity theft - organizations must develop a 'culture of privacy' that incorporates high standards for data protection, limits data collection to essential information only, and then limits access to that data. Leaving personal data unencrypted in large databases is asking for trouble from both insiders and hackers alike." Dr. Ann Cavoukian - Ontario's first Information and Privacy Commissioner Author of: Privacy By Design |
"THE COMING PANDEMIC" "FTC studies estimate that victims of identity theft spend $5 Billion to undo its harm. While businesses lose nearly $50 Billion in revenue annually. 
When it comes to cleaning up this mess. Companies on average spend 1,600 work hours per incident at a cost of $40,000 to $90,000 per victim. USA TODAY - MAY 15, 2006
60% of data breaches ARE A RESULT OF "CORPORATE
SLOPPINESS" |
:::CORPORATE PRIVACY AND SECURITY PRACTICES:::
| | Identity Theft & Employer Liability |
| | “Many of the corporate risks associated with identity theft can be mitigated by the development and implementation of sound policies, systems and procedures." "...how can companies manage productivity losses related to employees who themselves have become identity theft victims?" "In the absence of a solid risk management plan for identity theft, the potential losses are nearly unlimited.” – Risk Management Magazine
"In this era of data breaches and identity theft, chief privacy officers working hand-in-hand with security groups play a crucial if little-known role in protecting identifiable personal information..." more
Privacy & $ecurity Drive Consumer Purchasing Decision$ | 85% of Americans are worried about becoming victims of identity theft. 64% of consumers say they had decided not to buy a company’s product or service because they did not know how the company would use their personal information. 58% of consumers say if they were confident a business followed their declared security & privacy policies, they would recommend that business to family & friends. |
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| :::TOP IDENTITY THEFT BUSINESS NEWS:::
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