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Security and ID Theft in the United States 2006
Mintel, Dec 2006
This report examines the factors impacting security and identity theft in the financial services industry and the socio-economic and governmental forces driving the market. High profile cases of data leaks and identity theft seem to occur on a weekly (if not daily) basis. In the past two years, countless millions of records have been compromised, from the Veterans Administration and Department of Transportation to corporate stalwarts such as Bank of America, Wells Fargo, Citibank, and Ernst & Young.
Financial institutions remain the number one target for cyber criminals in the continuing battle to keep people’s private information safe. Companies face the Herculean task of building security systems that safeguard private information, but in an unobtrusive, uncomplicated manner that does not ward off users. Consumers demand security, but not if those safety measures make their interactions more unmanageable.
In the constant fight against cyber attacks, corporations must reassure partners, vendors, suppliers, and customers that they comply with state and federal regulations, at the same time meeting the psychological needs of customers. Business protection requires a mix of short- and long-term strategies to maintain the necessary level of security. This kind of comprehensive plan is the only way to approach information security given the multitude of risks that financial services companies face.
Businesses that fail to meet these standards face significant penalties from regulatory agencies. More importantly, these organizations will lose customers. In today’s media-saturated society, people receive constant reminders about the potential dangers of identity theft across numerous popular culture avenues. Security and ID theft stories get front page headlines and often lead local news broadcasts, even when the actual threat or potential for financial loss is small.
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