Recent research undertaken by YouGov found that 72% of the British public are anxious about how their private information is used online and fear that hackers will illegally access their data. 2,000 British adults took part in the research and it revealed that 32% of those surveyed would be prepared to pay money in order to protect their details online and 29% of respondents stated that they thought that it was their responsibly to look after their own data.
So how do fraudsters access your data in the first place?
Identify theft is defined as when a person obtains personal data online and takes on the identify of someone else. Identify theft can range from minor hacks, where thieves get hold of passwords to email addresses and send out emails pretending to be the person who owns the email, to more serious issues such as stealing credit card numbers and opening up loans in another person’s name.
Unfortunately identify theft is increasing each year as more and more people turn to online technology to help manage their day to day lives.
CIFAS (Credit Industry Fraud Avoidance Scheme) claims that there were 174,523 incidents of identify fraud in the UK alone in 2017. This is a huge 125% increase from 10 years ago.
Even though identify theft is a real problem, fortunately there are things that you can do as a business to protect your customers and prevent data breaches such as:
- Up – to date security systems and software
- Regular risk assessments
- Encryption and data backup
- Staff training and awareness
- Third party data security evaluations
- Guarantee vendors and partners maintain high data protection standards