New Revenue Streams for Identity Theft
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Case Study: New Revenue Streams for Identity Theft
Transcript of New Revenue Streams for Identity Theft
Case Study: New Revenue Streams for Identity Theft
What we will be talking about today:
• Definition of identity theft• Privacy issues• Victims of the breach• New revenue streams for identity thieves
• Solutions
What is Identity Theft?
The unauthorized use of personal, identifying information to obtain credit, goods, services, or medical information in the name of another person.
What is the BIGGEST Problem?
WHO ARE WE?
“You already have zero privacy...get over it!”
Scott McNealy,CEO Sun Microsystems
Defining Privacy Issues
Privacy and American Business’ 2013 Survey on Privacy Revealed:
96% of Americans are concerned about the loss of their privacy, primarily through use of the Internet
Defining Privacy Issues
78% believe they have lost the ability to control the use of their personal data. 47% believe that there still may be an opportunity to stem that loss through legislation and industry policing.
65% believe this is an alarming trend and take steps to remove themselves from any database.
Consumer Information Collection Points
• Credit card application and use• Supermarket/loyalty cards• Magazine subscriptions• Charitable Donations• Prize drawing entry slips• Public record information: Births, marriages, real estate transactions
Victims of the breach
• Hospitals• Banks and financial
institutions• Commercial enterprises• Government agencies• Colleges and universities• ANY PLACE THAT STORES
PERSONAL INFORMATION
New Revenue Streams for Identity ThievesMedical Records: John Hopkins
• Patient Records• Billing Department• Patient Admission• Employees• IT Department• Resumes• Credentials
Sources:
• Medical Care• Money• Volume of Victims
New Revenue Streams for Identity ThievesMedical Records: John Hopkins
Benefits of Information
New Revenue Streams for Identity ThievesBanks and Financial Institutions: Bank of Am, Data Card
• Signature Cards• Employees• IT Department• Marketing
Department• Resumes
Sources:
New Revenue Streams for Identity ThievesBanks and Financial Institutions: Bank of Am, Data Card
• Money• Volume of Victims
Benefits of Information:
New Revenue Streams for Identity ThievesCommercial Enterprises: Target, Wal-Mart
• HR Department• Contracted Pre-Employment
Screening Company• Benefits Department• Payroll Department• Employees• IT Department• Resumes
Sources:
New Revenue Streams for Identity ThievesCommercial Enterprises: Target, Wal-Mart
• Money• Volume of Victims
Benefits of Information:
New Revenue Streams for Identity ThievesGovernment Agencies: Department of Defense
• Applications• IT Department• Employees• Tax Returns
Sources:
New Revenue Streams for Identity ThievesGovernment Agencies: Department of Defense
• Money • Volume of Victims
Benefits of Information:
New Revenue Streams for Identity ThievesColleges and Universities: George Mason University, UCLA
• Registrar• Instructors and Professors• IT Department• Benefits Department• Payroll Department• Resumes• Credentials
Sources:
New Revenue Streams for Identity ThievesColleges and Universities: George Mason University, UCLA
• Money • Volume of Victims
Benefits of Information:
New Revenue Streams for Identity Thieves
• Death Records• New Born Records• E-mail Scams
• Phishing• Third Party Vendors• Third Party Storage Vendors• Social Media (Facebook,
LinkedIn, etc.)
Miscellaneous Sources:
Strategies to Minimize Risk and Prevent Breaches
• Properly safeguard and store employee/student records.
• Ensure compliance with new laws governing identity theft and storage of records
• Address the legal ramifications you could face if employee/student data is stolen
Strategies to Minimize Risk and Prevent Breaches
• Properly destroy confidential records
• Accurately handle resumes submitted via the internet
• Scrutinize employees by performing background checks and restricting access
• Develop a response plan if records are stolen
Strategies to Minimize Risk and Prevent Breaches
• Implement key policies and procedures to maintain overall security of your records
• Avoid potential pitfalls when dealing with sensitive data
• Work with third parties who may have access to your employees’ information
QUESTION?
