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Identity theft: The business time bomb

Most everyone has heard of identity theft (IDT), yet unless you have been a victim, few people consider that they are at high risk. An alarming figure is that over half of the 10 million new IDTs each year originate from a place of business, employer, or other entity (not-for-profit or local, state, or federal government).

All entities and certain individuals are required under one or mor......

Full article >>> nd as much as 600 hours in resolution and $1,500 in expenses, excluding attorney fees, and victims contend with disputed debt that averages nearly $100,000 and extreme emotional stress.

Business vulnerability

The major risks to businesses include:

Victimization of owners, mangers, employees, customers, clients, and vendors.

Fraudulent use of the busines......

Full article >>> mployees are considered consumers under the law.

Gramm-Leach-Bliley Act Safeguards Rule

The GLBA Safeguards Rule requires any financial institutions to implement policies and procedures to maintain the security and confidentiality of nonpublic personal information. A financial institution is defined as a business significantly engaged in providing financial services or pro......

Full article >>> ption by offering some form of identity theft risk mitigation service to employees and even to their customers when appropriate.

The aim is minimizing lost work time, penalties, lawsuits, and compensatory damages that may result from workplace identity theft.

What you can do:

Understand what legislation may apply to your business.

Appoint an information securi......

Full article >>>
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Source:wistechnology.com By Joseph Campana 09/19/06


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