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Beyond Grey Pinstripes
Preventing Identity Theft Throughout The Data Life Cycle
The Federal Trade Commission estimates that as many as nine million people have their identities stolen every year. This article examines the organizational risks to CPAs and their clients or corporate employers of improperly managed data throughout the data life cycle. It also discusses best data management practices and proper procedures for responding to a data breach. According to a study by the Ponemon Institute, the average cost of a data breach in 2007 was $6.3 million. The organization typically spends additional money in data protection enhancements. Identity theft concerns are focused on the security and necessity of the collection process. An organization faces many personal information protection challenges in today's business environment and technological world. Developing protection strategies throughout the data life cycle is one such method organizations can use to move their data protection strategies along the privacy maturity curve.