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Data Security Breaches — The Worldwide Epidemic

Ineffective Data Security in organisations worldwide has lead to identity theft and fraud becoming the fastest growing and most prevalent crime in society. The statistics surrounding identity theft and fraud are downright frightening. In America today identity theft claims 15 million victims per year with the associated financial losses amounting to $50billion.

A recent survey by the Ponemon Institute revealed that 73% of businesses surveyed had experienced at least one data breach in the last 12 months. The largest organisations in the world from banks to telco's and government are being attacked and robbed every day, yet it doesn't make the news for a number of reasons.

Firstly the theft occurs without anyone walking into a bank with a gun threatening to shoot people and secondly because currently organisations are not obliged to publicly disclose data breaches to anyone, be it the individuals affected by the breach, the media or the government. There is however new legislation being produced by the USA, the European Union and Australia designed to force organisations who suffer a data breach to report it to the government and to notify all customers who were affected by the breach.