Cyber Security and Identity Theft

Cyber Security and Identity Theft

Art Glasgow, Peck-Glasgow Insurance

 

The Consumer Sentinel database, maintained by the Federal Trade Commission contains over 3.5 million consumer fraud and identity theft complaints that have been filed with federal, state and local law enforcement agencies and private organizations.  Many more each year go unreported.  This is one of the greatest threats to you individually and your business.

 

The complaints are growing each year.  There are many types of identity theft fraud.  Alabama ranked number 15 in complaints as a % of the population.  Below are how victim’s information was misused during 2010:

1. Government documents or benefits fraud         19%

2. Credit card fraud                                        15%

3. Phone or utilities fraud                                14%

4. Employment-related fraud                            11%

5. Bank fraud                                                10%

6. Attempted identity theft                                7%

7. Loan fraud                                                 4%

8. Other Identity theft                                    22%

 

Cyber Security:  As business increasingly depends on electronic data and network to conduct their daily operations, growing pools of personal and financial information are being transferred and stored online.  This can leave individuals exposed to potentially enormous liability, if and when a breach in data security occurs. 

 

The Federal Bureau of Investigation, the National White Collar Crime Center and the Bureau of Justice Assistance joined together to create the Internet Crime Complaint Center to monitor Internet-related criminal complaints.  In 2010, this entity logged 303,809 complaints via its website, or about 25,000 per month.  The problem is growing and many small business owners are exposed to breaches of Cyber security.

 

Insurance coverage is becoming available to protect your business and yourself.  To learn more about Alabama business insurance, please contact a Peck-Glasgow Insurance associate at 877-287-7975 or www.peck-glasgow.com