ID theft and data security breaches 'pose threat to business'
The report warns that as the difficult economic conditions continue, businesses are likely to experience an increased number of high-profile data security breaches
IDENTITY theft is rampant and data security breaches pose a serious business threat, according to a report from consultants PricewaterhouseCoopers (PwC).
Titled 'Data Loss Prevention: Keeping Sensitive Data Out of the Wrong Hands', the report warns that as the difficult economic conditions continue, businesses are likely to experience an increased number of high-profile data security breaches.
The recent PwC Global State of Information Survey revealed that more than two-thirds of organisations do not maintain either an accurate inventory of user data or a list of locations and jurisdictions where this information is stored.
Policy
It found that only half of all companies have a policy that addresses the protection, disclosure and destruction of data. And although nearly two-thirds of companies worldwide encrypt data in transmission, far fewer appear to encrypt data at rest -- for example in databases, file shares, laptops and back-up tapes.
PwC says firms cannot afford to take data security lightly. Identity theft is rampant, accounting for about one-third of consumer complaints received by the Federal Trade Commission last year.
Speaking at the launch of the report, Ciaran Kelly of PwC Ireland said: "With consumers and regulators demanding more control over sensitive data than ever, it is clear that now is the time to start better protecting your company's customer data."
Costly data breaches can occur in a number of circumstances including workforce reduction programmes, the use of outside suppliers for mail operations, and data on customers being used by an employee's personal e-mail system at home.
- Pat Boyle
