Data Privacy Helps Maintain Account Security
The National Cyber Security Alliance (NCSA) hosts a Data Privacy Day each year on January 28. This event highlights the importance of keeping personally-identifiable information (PII) secure – which works to prevent online fraud. According to the NCSA, six in ten small businesses (59%) say they do not require any multi-factor authentication for access to any of their networks or customer portals. Large businesses don’t always do much better however. Consumers also need to protect themselves by taking advantage of two-factor authentication and other security measures whenever they are offered.
Numbers from the Privacy Rights Clearinghouse show the vast amount of PII exposed though data breaches that is available to fraudsters who are using stolen identities or creating fake IDs from individual identity elements. Studies show that as many as one in three consumers who received notification of a data breach later become a victim of fraud.
Q. How many data records were exposed in breaches at retail or financial institutions in 2014?
A. In excess of 59,721,602 records were revealed through 106 publically announced hacking incidents, not including point of sale or ATM skimming incidents.
Q. Since 2010, how much private information has been exposed due to hacks and breaches across industries?
A. A minimum estimate of 178,943,912 data records have been exposed over the past five years during at least 899 data breaches. This does not included situations where records were lost or stolen from missing laptops or other physical devices.
As business continues to grow online, data security must as grow. Security analysts have long recommend layered defenses to protect data and prevent fraud. Watch our CBA-hosted webinar to learn more about protecting against fraud and loss with a layered, risk-based approach.
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