Jul 29, 2013 Dave King
Since identity theft has become one of the most widespread crimes in the United States and abroad in recent years, businesses and regulators are beginning to adopt new technology to refine ID verification standards and protect consumers. Enterprises need to be the first line of defense against identity theft, as hackers and other criminals often target corporate systems to steal damaging information.
Business identity theft has also continued to rise, especially among smaller firms, which costs companies billions of dollars every years. Enterprise decision makers should consider implementing more advanced controls, as well as monitoring solutions and progressive ID verification standards to protect corporate financial information and data that could be used to steal the identities of customers.
Cloud computing enters the equation
Though many enterprises have yet to adopt cloud computing because of security concerns, some studies indicate that the technology is actually more secure than other types of infrastructure and storage solutions. Cloud Tweaks recently reported that the cloud is now becoming a tool with which regulators and businesses are using to reduce the rate of identity theft.
According to the news provider, roughly 600 million individuals have personal information stored in cloud environments, ranging from financial data to songs and other files. This is a clear indication that executives need to shift security strategies into digital formats, as the number of consumers using cloud computing will only continue to rise in the coming years.
The source asserted that the move away from physical files and toward digitally stored information will reduce the rate of identity theft that stems from improperly disposed records. Studies indicate that stolen records that should have been shredded but were not are the biggest source of identity theft today.
Since digital formats make it more difficult for a criminal to access the information, especially when compared to stolen mail and garbage, enterprises can capitalize on the opportunity to electronically lock up all potentially damaging data. Cloud Tweaks explained that companies should immediately incorporate stringent encryption protocols to protect the information stored in cloud environments.
Finally, the news provider added that businesses should instruct consumers to never throw away documents that include sensitive information without destroying them first, and immediately contact authorities if it seems as though their identity has been stolen.
Corporate efforts, revisited
CNN Money recently reported that many businesses are launching stronger ID verification strategies to protect consumer identities, as well as their own data. According to the source, certain activists and advocates have found new ways to avoid identity theft, and are trying to spread the news around the enterprise sector to help defend against the crime.
For example, Beth Givens, a privacy activist who started the Privacy Rights Clearinghouse in 1992, publishes reports on abuses and potentially dangerous activities that could or already have led to instances of identity theft. The news provider noted that Givens is now running the California ID theft registry, which helps consumers clear their records and improve credit scores following victimization.