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Data Theft Solutions
“What I did in my youth is hundreds of times easier today. Technology breeds crime.” -- Frank William Abagnale, Jr.
DATA THEFT SOLUTIONS
Data theft is an “invisible” or “faceless” crime, posing a real threat to businesses. Theft of proprietary data from internal sources has become more pervasive, putting companies and their clients at risk. With stringent client privacy rules and increasing costs of successfully acquiring clients, theft of client data can materially impact a business. Internal fraud has become a reality and it is a risk that businesses cannot afford to ignore.
Recent research confirms that data theft can cost businesses anywhere from $5M - $40M depending on the sensitivity of the data and the severity of the theft.
Businesses are increasingly vulnerable to attack, and online security solutions can reduce the financial and business impact.
Clickrisk has proven data theft solutions that can minimize the chance of data being stolen.
Call Clickrisk today to see how we can mitigate such risks.
Recent Data Theft Research: Businesses Are Ever More Vulnerable
A 2005 published study by the Corporate Security Institute (CSI), “2005 CSI/FBI Computer Crime and Security Survey”, discovered a series of disturbing and dangerous trends in the area of online security.
The following are just a few highlights:
- 75% of firms surveyed don’t have any external insurance to guard against cybersecurity risks.
- 55% of firms surveyed claimed unauthorized use of computer systems within the last 12 months.
- Unauthorized use of computer systems cost firms’ surveyed $31.2M for 2005.
- Of thirteen key security vulnerabilities identified, they totalled losses of $130.1M for 2005 alone.
Some other facts about data theft and its perpetrators:
- Company employees commit 82% of all fraud—one-third by management while75% of all internal fraud is not detected, a US study found.
- Hackers and employees account for 63% and 33%, respectively, of the source of security vulnerabilities, with companies increasingly challenged to meet information system SOX requirements.
- 38% of firms surveyed do not have sufficient security controls to comply with SOX (PWC LLP, CIO Magazine, 2005).
How Data Theft Occurs: Easy, While Painful for Businesses
There are two main types of data theft: human identity theft, and proprietary information theft.
Theft of Human Identity: The Faceless Crime
Companies are vulnerable to both internal and external attacks with the aim of securing personal information. Criminals may sell or use stolen information to allow them to pose as someone else, for the purpose of gaining monetary rewards. The case of credit card applications has been a growing and costly trend for businesses.
The recent credit card theft which affected 40 Million credit card customers, due to a security breach at CardSystems Solutions, Inc. highlights the need for comprehensive security management policies and technology.
Credit card fraud can end up costing the true owner of the stolen identity tens of thousands of dollars on multiple cards, without ever realizing it or spending a single dime of it themselves. There is so much public data and sensitive personal information on computer systems throughout the world, businesses holding such private information need to be vigilant and implement robust security controls to guard against it.
Businesses can face public relation disasters, stretching their reputational risks to the core. And if your firm is a public company, Sarbanes-Oxley (SOX) regulatory requirements haven’t made corporate governance any easier; in fact; it has put governance at the top of many Board agendas.
Theft of Proprietary Information: Intellectual Property As Crown Jewels
Two of the largest targets by perpetrators of data theft are proprietary information and intellectual property. Financial data, customer lists and R&D are all extremely lucrative and more importantly, extremely private. And much of the fraud is perpetrated by those in trusted positions—employees. As with many technology-based businesses with intellectual property being one of their crown jewels, the business risk can potentially be a death knell to a firm’s very long-term survival.
Armed with this information in hand, data theft criminals can use this information to take on new identities and/or use the information for their own benefit, more often to reap financial benefits.
How Easy Is It To Commit Data Theft? Very Easy.
It is surprisingly easy to commit data theft, given that most computers are left vulnerable to attack. The use of trojan viruses provide a simple way of entering a private unauthorized computer and stealing information. Ports that remain open, as well as unsecured online information transactions offer convenient methods for criminals to hi-jack systems and transmit replicated data. The unfortunate truth is that these methods of data theft are not difficult to execute and are easily accessible on newly installed or unprotected systems. This exposes businesses to greater security risks, requiring constant and vigilant monitoring.
Clickrisk offers the technical skill base and project management strength to implement technology to meet challenges head-on that deliver quality results in a timely fashion:
- Proven security expertise in diverse industries
- Experienced project management team
- Extensive software development capability
When unique challenges require dependable technology solutions not commercially available, clients come to Clickrisk for data theft solutions that help mitigate risk.
The Clickrisk team includes 19 researchers and software developers in three countries, enabling the development of effective and timely solutions for clients.
Clickrisk has proven successful in both detecting fraud and minimizing impact through our cost recovery process. To discuss further how Clickrisk can help your business through proprietary solution development, contact us today.