Did you know that the average cost of a typical data breach is $5.4 million in the United States? A data breach can take a toll on a company of any size and consumers alike, which is why it is so important for both consumers and companies to take necessary precautions to reduce the risk of breaches.
Security Breaches have a compound impact on both consumers and businesses. Consumers shop with companies under the faith that their personal information will be protected. When a security breach occurs, the consumer faith maybe broken and they may discontinue to do business with them in the future. According to Safenet.com, “Data breaches are not just breaches of security. They’re also breaches of trust between companies and their customers, …show more content…
A breach involving another existing financial account
3. A breach involving your driver's license number or another government-issued ID document
4. A breach involving your Social Security number
After the type of security breach had been identified, consumers will need to be proactive against identity theft or unauthorized use of their financial information. If their credit or debit card information has been compromised, they will need to take certain steps to ensure no unauthorized use occurs. The most common way to prevent this is to have consumers contact their issuing card company to request cancellation of the card in question and get a replacement.
Breaches involving other financial accounts such as bank, investment and retirement often requires monitoring the activity, possibly closing the accounts, or having new ones created. When government issued IDs are compromised, consumers can have their files flagged to prevent fraudulent IDs being created.
A social security number breach involves more time and effort to prevent identity theft. Monitoring your credit report regularly to ensure new accounts are not being opened is necessary in minimizing identity theft. Credit monitoring firms can assist in monitoring activity on consumer’s credit reports after a breach. Also, consumers can place a security freeze on their credit reports to restrict access to them making it more difficult for thieves to open new
Security Breaches have a compound impact on both consumers and businesses. Consumers shop with companies under the faith that their personal information will be protected. When a security breach occurs, the consumer faith maybe broken and they may discontinue to do business with them in the future. According to Safenet.com, “Data breaches are not just breaches of security. They’re also breaches of trust between companies and their customers, …show more content…
A breach involving another existing financial account
3. A breach involving your driver's license number or another government-issued ID document
4. A breach involving your Social Security number
After the type of security breach had been identified, consumers will need to be proactive against identity theft or unauthorized use of their financial information. If their credit or debit card information has been compromised, they will need to take certain steps to ensure no unauthorized use occurs. The most common way to prevent this is to have consumers contact their issuing card company to request cancellation of the card in question and get a replacement.
Breaches involving other financial accounts such as bank, investment and retirement often requires monitoring the activity, possibly closing the accounts, or having new ones created. When government issued IDs are compromised, consumers can have their files flagged to prevent fraudulent IDs being created.
A social security number breach involves more time and effort to prevent identity theft. Monitoring your credit report regularly to ensure new accounts are not being opened is necessary in minimizing identity theft. Credit monitoring firms can assist in monitoring activity on consumer’s credit reports after a breach. Also, consumers can place a security freeze on their credit reports to restrict access to them making it more difficult for thieves to open new