Evaluating Security Breaches

by Andrea Konkol, May 2015

300 words

1 page

essay

In 2011 total number of data breaches in the United States of America overcame half of a thousand breaches causing damages of more than 30 million US dollars (Data Breaches, 2011). Such an increase of risk for business of all levels caused re-examination of security systems of business all over the country. The most widely-spread examples of security fraud include computer hackers’ activity, lack of disposing of business correspondence, letters and other documentation by the employees of the company as well as personal information trading by the employees. Touching upon the issue of best ways to avoid frauds, the following precautions are emphasized:

It is strictly recommended not to disclose any financial and/or personal information including ID number, credit card details, and/or bank account details unless the website/organizations/agency is licensed;

Obtrusive online sellers/buyers appear to be a first sign of escrow fraud occurrence;

Company’s website should locate its address as well as telephone numbers and License for business conduct; otherwise, the Company should be suspected;

Fraud Companies usually mask as members of trusted organizations such as TRUSTe, VeriSign Secure, and Better Business Bureau. The best way is to ensure they are really endorsed by the listed organizations;

org., biz., info., etc., company domain names should be avoided (10 Tips to Avoid Online Escrow Fraud, 2012).

On the one hand, there are laws passed on regulation of data protection such as Privacy Act, the Federal Information Security Act, the Fair Credit Reporting Act, etc. (Data Breaches, 2011); however, nobody except for people directly involved in business are aware of and responsible for data protection. Thus, in order to avoid security breaches, it is highly recommended to get and develop strong Information Protection Policy followed by all the employees of the company.

References

Data Breaches: A Year in Review (2011). Privacy Rights Clearinghouse. Retrieved on 9 September 2012 from HYPERLINK "https://www.privacyrights.org/top-data-breach-list-2011" https://www.privacyrights.org/top-data-breach-list-2011

Fraud Alerts and Information (2012). Sun Life Financial. Sun Life Assurance Company of Canada. Retrieved on 10th September 2012 from

HYPERLINK "http://www.sunlife.ca/PSLF/worldwide/Fraud+alerts?vgnLocale=en_CA" http://www.sunlife.ca/PSLF/worldwide/Fraud+alerts?vgnLocale=en_CA

Online Escrow Fraud (2004). Department of Corporations. State of California. Business, Transportation, and Housing Agency. Retrieved on 10 September 2012 from

HYPERLINK "http://www.corp.ca.gov/Consumer/finance/pdf/qa.pdf" http://www.corp.ca.gov/Consumer/finance/pdf/qa.pdf

10 Tips to Avoid Online Escrow Fraud (2012). California Department of Corporations. Retrieved on 10 September 2012 from HYPERLINK "http://www.corp.ca.gov/Consumer/finance/OnlineEscrow_Tips.asp" http://www.corp.ca.gov/Consumer/finance/OnlineEscrow_Tips.asp

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