When most executives discuss data breach threats, often issues like financial loss due to customer dissatisfaction and diminished brand reputation are top of mind.
More than 40 percent of respondents in an Experian Data Breach Resolution survey said that they feel that monitoring financial transactions for fraud is too time-consuming, and 71 percent of respondents say they rely heavily on their bank or card issuer alerting them to fraud.
The number of data breaches tracked in 2014 hit a record high of 783, according to a report from the Identity Theft Resource Center, sponsored by IDT911. This represents a 27.5-percent increase over the number of breaches reported in 2013, and an increase of 18.3 percent over the previous high of 662 breaches tracked in 2010.
Sixty-one percent of Americans believethat their data is not secure, according to a survey from PKWARE. Theft of financial and identity information causes the most concern among respondents, with the leading data at risk cited as Social Security numbers and banking information, including credit cards.
The 21st Century is often referred to as the information age; the developing global marketplace has contributed to the entrance of new cultures and economies into the competitive global economy. Due to globally available infrastructure and the development of global telecommunication/computing capabilities, it has enabled individuals, companies and countries to compete globally on a level playing field with traditional Western powers even from some of the most remote parts of the world. Unfortunately this has also created conditions in which the threat of corporate espionage has been rapidly proliferating due to the ease threat actors can ply their trade both through physical and virtual actions against U.S. corporations.
