Theft of consumer financial and identity information is rising, and the subsequent use of those stolen identities to attempt breaches of other sites compounds the problem. So far this year there have been more than 100 data breaches caused by hacking or similar reasons according to the Privacy Rights Clearinghouse, with more than 200 breaches from all reasons. This week’s breach at JPMorgan Chase and possibly four other banks is just the latest example.
In January, when he reintroduced the Personal Data Privacy and Security Act legislation to protect Americans’ personal information and ensure their privacy, Senate Judiciary Committee Chairman Patrick Leahy said,
“The recent data breach at Target…is a reminder that developing a comprehensive national strategy to protect data privacy and cybersecurity remains one of the most challenging and important issues facing our Nation.”
The bill sought to establish a national standard for personal data breach notification, and required businesses that collect and store consumers’ sensitive personal information to safeguard that information from ID fraud and other cyber threats.
Even without specific legislation, we’ve been advising a layered approach to protecting against security breaches. Risk-based, multi-layered data security starts with knowing who your users really are and protecting customer privacy includes knowing who has access to your data and why.
Though government and commercial entity consumer information needs vary by industry and organization, a strategic driver that is consistent across all organizations is the requirement to achieve balance between security and delivery of support and services. A layered, multi-channel approach to identity proofing helps prevent identity theft and fraud early in the process. This can have significant impact for the preservation of the privacy of personal information.
Contact us for more information about protecting customer privacy and minimizing sensitive data loss, or to speak to a specialist about the best ways to ensure secure access to your web portals.