2016 Data Breach Statistics: By the Numbers
Recent trends show a continuing rise in data security incidents
Data breach statistics have continued to climb at an alarming rate in 2016, with a staggering number of incidents exposing several billion personal records thus far this year.
In fact, according to the Identity Theft Resource Center (ITRC), a non-profit organization established to support victims of identity theft and broaden public education and awareness in the understanding these crimes, there have been 980 reported breaches as of December 13th of this year, already a record number of incidents since ITRC began keeping these records in 2005.
While cyber criminals may not discriminate as far as where they steal information, the retail industry and other businesses still tend to be a prime target. Thus far this year data breach statistics once again show that business-related data breaches have led the pack, with 432 incidents thus far in 2016.
Retailers are now deeply committed to improving their data security efforts, and many have invested millions of dollars to improving data protection strategies throughout their organizations. However, it is still the responsibility of every retail employee to do their part to combat all kinds of cyber crimes. Here are a few tips to help manage your data security programs…Click here to read the full article
Awareness of E-commerce Security Issues is the First Step in Guarding Against Them
Information security and loss prevention professionals need to know them
E-commerce is defined as the buying and selling of products and services over electronic systems, such as the Internet. The Internet has driven a huge increase in the level of trade conducted electronically. Nearly everyone in retail is well aware of the growth of e-commerce. We just saw the largest Cyber Monday ever in terms of sales, and soon, online purchases may surpass in-store shopping sales. But with this growth comes e-commerce security issues that LP professionals need to be knowledgeable about. Any e-commerce system must meet certain criteria to guard against potential threats.
Privacy has become a major concern for consumers with the rise of identity theft. In the past decade, the U.S. Attorney General’s office has issued hundreds of indictments surrounding e-commerce criminal activity. A study by researchers Lauer and Deng looked at a model linking privacy policy, through trustworthiness, to online trust and then to consumer’s loyalty and their willingness to provide truthful information. The findings revealed that consumers’ trust in a company is closely linked with their perception of the company’s respect for customer privacy. Guarding consumer privacy must be an integral part of any e-commerce strategy.
While it’s true that many of these issues are highly technical and usually the domain of trained IT specialists. But LP professionals should be aware of the risks and concerns that come with the growth of e-commerce and keep up to date with new issues and mitigation solutions… Click here to read the full article
FTC Reports that Identity Theft Complaints Increased by 47 Percent in 2015
New federal website launched to support victims of this form of consumer fraud
According to a new report issued by the Federal Trade Commission (FTC) incidents of identity theft increased significantly in 2015. The data released by the FTC indicates that the agency received more than 490,000 consumer complaints about identity theft in 2015. These numbers represent a 47 percent increase from the number of complaints received in 2014.
In response to the rising epidemic, the FTC announced that it has launched a new site designed to be a resource for victims of identity theft. The upgraded IdentityTheft.gov website allows consumers to rapidly file a complaint with the FTC and then get a personalized guide to recovery that helps streamline many of the steps involved. The upgraded site is the FTC’s answer to an executive order issued by President Obama in directing federal agencies to create a consolidated site with essential information for consumers based on certain types of identity theft.
Retail data breaches are by no means the only source of identity theft incidents, but they have been a contributing factor. The new FTC site provides a strong resource for retail consumers and all potential victims of identity theft, but the information showing the substantial increase in identity theft incidents also serves as an important reminder of the need for retail organizations to make the investment in data security efforts… Click here to read the full article
LP101: Identity Theft
Identity theft is the most popular and the most profitable form of consumer fraud
Identity theft involves the unauthorized or illegal use of key elements of another individual’s personal information (social security numbers, driver’s license numbers, birth dates, bank statements, etc.) and assuming that individual’s identity for personal gain. The information can then be used to obtain credit, merchandise and services in the name of the victim, or to provide the perpetrator with false credentials.
Identity theft is the most popular—and the most profitable—form of consumer fraud. Armed with this key personal information, a dishonest individual can open a bank account, obtain credit cards, apply for a loan, and remove funds from various financial accounts for financial gain.
In recent years, the Internet has helped accelerate identity theft as personal information can be easily obtained if not properly secured when making online transactions. Data breaches often lead to instances of identity theft. This type of identity theft can have widespread impact, is commonly referred to and makes the most headlines. However, it is just as likely that an identity thief can gain information by using more old-fashioned methods… Click here to read the full article
Data Protection: Yours
Some simple steps to avoid data theft
In this Internet age, many people fear that true data protection and maintaining one’s privacy is nearly impossible. While it’s true that marketers, the government, and others are gathering and analyzing more data than ever about every individual, we can still exert some control over what’s out there, who’s tracking us and what they can do with our information.
When it comes to data protection, everyone needs to get a better handle on their own data footprint. Experts say the key to doing this effectively is to know what your goals are and tackle the low-hanging fruit first. Studies have shown that people are interested in reducing their footprint for three primary reasons. One is to hide from marketers. Another is protecting personal identity. The third is to protect against potential domestic violence incidents or stalkers. Some even think they are being targeted by the NSA or law enforcement, or that they’re the subject of civil proceedings. Fortunately, most people are concerned about achieving a reasonable level of privacy and data protection; complete privacy is difficult and expensive to achieve.
As we’ve seen, personal data protection in this new age that we live in is getting tougher and more complicated. But having some basic knowledge and knowing some simple precautions to take in reducing your digital footprint can go a long way to avert serious breaches of security… Click here to read the full article
