What Are The Effects Of Identity Theft On An Organization?
If identity theft can cause so much trouble for an individual, it can also cause the same kind of trouble to companies or organizations.
It seems that people have found a gold mine in stealing other peoples’ information to use for their own personal gain. And since there are a lot of benefits gained from this, there is no stopping anyone from doing it more and more.
The popularity of the Internet and computer databases has only become an additional tool for thieves to steal information from. Just think of all the genius minds wandering unnoticed everyday.
The economic and social effect of this crime is not something to be ignored. If they can do these things to nameless individuals then the more they can do it with big organizations that are known and may have some of its information up for grabs.
Even if there is still no perfect solution, every organization should take reasonable steps to reduce the risk and to know what to do if an identity theft incident occurs there.
Identity theft in an organization can be attested to different factors:
Identity theft because of negligence and lenient standards.
Out of negligence, an organization can fail in checking the validity of persons or companies they are selling their information into. They may not be aware that some of this are identity thieves whose sole purpose is to get information about the organization.
Another case of negligence would be putting information into portable, carry around gadgets. Example of these are lap tops and notebooks. The potable things are one of the most convenient ways of keeping important information.
Many of its owners do not protect or encrypt any information stored. The result? Instant access to personal and organization-related information once these things have gotten into the hands of wrongdoers.
There have been reports of data and information being lost in some bigger organizations. There are many reasons why this thing can happen. One is that the company may not have the potential to safely store big files. Another is that, they do not have a way of knowing what the employees are doing and what they can access to.
Identity theft using state-of-the-art attacks.
Some identity theft attacks occur through technical means, such as exploiting weaknesses in computer hardware or software. Hackers make the most of the problems in operating systems, firewalls, Internet browsers, or internal processing software to gain unauthorized access to confidential data.
But these kinds of attack can be countered by:
Keeping up to date with security software updates. An unpatched system is operating with known weaknesses. These weaknesses can act as invitations to hackers. But applying patches takes time and resources. And it is up to senior management to maintain that security updates be handled fast and effectively.
Knowing where essential customer data are stored. Every company should have data flow mapping. This will provide an objective basis for company managers to track information and understand who will have access to those data.
The strategy is to create a “path” so the data do not just thrive randomly in different electronic nooks and corners of the company. This will prevent employees, freelancer, contractors or hackers to gain access to the information stored.
Collecting proof when an incident occurs. Failure to gather evidence in a forensically sound manner can make it impossible to track criminal charges or to look for civil compensation. Having qualified computer forensic resources should be a part of every organization’s plan.
Recognizing the dangers of wireless data communication. You may seen instances where organizations do not properly secure wireless networks. The network may not be protected and unauthorized network could be accessed from outside the premises of the organization. Regular testing to make sure that no one is running a scoundrel network, and that authorized wireless networks are well protected, is very important.
The effects of identity theft in an organization is a problem that should not be taken for granted. While there are no absolute solutions, there are many well-documented methods to decrease the risks and handle incidents effectively.
The effects of identity theft vary from one organization to another. But with preparation, planning, and the recognition that a wide range of expertise sets are needed to stop this crime, any organization can keep up with the challenge.
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