Save Money on Rising Costs of Data Breaches by Spending it on Better Security That Costs Less
IDTheftSecurity.com) A national news organization's analysis of the year's data thefts has found that the number of these has tripled in 2007 over the previous year, and end-of-year research showed that the associated costs also rose. According to Robert Siciliano, a widely televised and quoted personal security and identity theft expert, organizations could save money by spending it on security that costs less.
"Whenever data is stolen, an identity thief is not too far behind," said Siciliano. "With a threefold increase this year over the number of data breaches in 2006 -- already a year rife with data thefts -- industry leaders have an enormous problem on its hands. Security needs to improve, and quickly."
CEO of IDTheftSecurity.com and a member of the Bank Fraud & IT Security Report's editorial board, Siciliano leads Fortune 500 companies and their clients in workshops that explore consumer education solutions for security issues. An experienced identity theft speaker and author of "The Safety Minute: 01," he has discussed data security and consumer protection on CNBC, on NBC's "Today Show," on FOX News, and elsewhere.
On Dec. 9, USA Today presented its own analysis of the year's data breaches, reporting a greater than 300 percent increase in the number of sensitive data records lost in 2007 vs. the previous year, from 49.7 gone missing in 2006 to more than 162 million in 2007. Furthermore, according to the Ponemon Institute's 2007 Annual Study: Cost of a Data Breach, announced on Nov. 28, the cost per lost record for organizations that experience data breaches has risen by more than 8 percent, from $182 last year to $197 in 2007:
http://www.ponemon.org/press/PR_Ponemon_2007-COB_071126_F.pdf
Significantly affecting the increase, customers took their business elsewhere in greater numbers following data breaches this past year, the study found.
Concerns over widespread identity theft follow any large data breach. On Dec. 18, Vancouver, Canada's "News 1130 All News Radio" reported that the Better Business Bureau named identity theft as one of the top ten scams of 2007. In a year replete with fraud and scams, news reports in December provided yet more anecdotal evidence to support this. For instance, on Dec. 3, vnunet.com reported that authorities had identified "more than 100 websites…selling account information for U.K. bank customers." The sites contained customers' account details, PINs, and security codes.
"It is through data breaches that thieves acquire inventories of sensitive information such as bank account numbers and the associated PINs and security codes," said Siciliano. "This data is worth big bucks on the black market. Why else would data breaches be growing in their frequency? If more than 162 million unique data records have gone missing this past year, the only responsible thing to do is to conclude that 162 million unique data records are now in the hands of thieves all over the place."
Readers may view YouTube video of Siciliano on "FOX News":
http://www.youtube.com/watch?v=fqoHSACQ34U
The clip shows him explaining how the ubiquity of Social Security numbers as universal identifiers helps thieves online and off-line. Readers who wish to learn how to protect themselves against identity theft may view video of Siciliano at VideoJug:
IDTheftSecurity.com) A national news organization's analysis of the year's data thefts has found that the number of these has tripled in 2007 over the previous year, and end-of-year research showed that the associated costs also rose. According to Robert Siciliano, a widely televised and quoted personal security and identity theft expert, organizations could save money by spending it on security that costs less.
"Whenever data is stolen, an identity thief is not too far behind," said Siciliano. "With a threefold increase this year over the number of data breaches in 2006 -- already a year rife with data thefts -- industry leaders have an enormous problem on its hands. Security needs to improve, and quickly."
CEO of IDTheftSecurity.com and a member of the Bank Fraud & IT Security Report's editorial board, Siciliano leads Fortune 500 companies and their clients in workshops that explore consumer education solutions for security issues. An experienced identity theft speaker and author of "The Safety Minute: 01," he has discussed data security and consumer protection on CNBC, on NBC's "Today Show," on FOX News, and elsewhere.
On Dec. 9, USA Today presented its own analysis of the year's data breaches, reporting a greater than 300 percent increase in the number of sensitive data records lost in 2007 vs. the previous year, from 49.7 gone missing in 2006 to more than 162 million in 2007. Furthermore, according to the Ponemon Institute's 2007 Annual Study: Cost of a Data Breach, announced on Nov. 28, the cost per lost record for organizations that experience data breaches has risen by more than 8 percent, from $182 last year to $197 in 2007:
http://www.ponemon.org/press/PR_Ponemon_2007-COB_071126_F.pdf
Significantly affecting the increase, customers took their business elsewhere in greater numbers following data breaches this past year, the study found.
Concerns over widespread identity theft follow any large data breach. On Dec. 18, Vancouver, Canada's "News 1130 All News Radio" reported that the Better Business Bureau named identity theft as one of the top ten scams of 2007. In a year replete with fraud and scams, news reports in December provided yet more anecdotal evidence to support this. For instance, on Dec. 3, vnunet.com reported that authorities had identified "more than 100 websites…selling account information for U.K. bank customers." The sites contained customers' account details, PINs, and security codes.
"It is through data breaches that thieves acquire inventories of sensitive information such as bank account numbers and the associated PINs and security codes," said Siciliano. "This data is worth big bucks on the black market. Why else would data breaches be growing in their frequency? If more than 162 million unique data records have gone missing this past year, the only responsible thing to do is to conclude that 162 million unique data records are now in the hands of thieves all over the place."
Readers may view YouTube video of Siciliano on "FOX News":
http://www.youtube.com/watch?v=fqoHSACQ34U
The clip shows him explaining how the ubiquity of Social Security numbers as universal identifiers helps thieves online and off-line. Readers who wish to learn how to protect themselves against identity theft may view video of Siciliano at VideoJug:
source: transworldnews.com
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