Identity theft. Insurance fraud. Money laundering. Market abuse
Data is valuable and fraudsters are always keen to get their hands on it. Businesses are fiercely protective of their own data and intellectual property. But businesses also increasingly depend on consumer data to operate.
Here's what you need to know about data protection and how to make the most of it.
Between us, we create the equivalent of 2.5 million terabyte hard drives every day. But just because data is plentiful, that doesn't mean it's cheap. Businesses are fiercely protective of their data and intellectual property.
Businesses also increasingly depend on consumer data to operate. How much is a user worth to these tech giants?
Data is also a vital part of compliance and regulation. Businesses need to know who they are doing business with and regulators are determined to crack down on businesses that fail to carry out these checks.
The problem is, all this data is not only valuable to businesses.
It also attracts fraudsters hoping to commit:
Data protection laws rule that businesses must take responsibility for protecting their consumer data.
100 countries have enforced comprehensive data protection legislation, including Hong Kong, Russia, Japan, Canada, South Africa, Australia and countries within the EU. Despite this progress, many businesses are falling behind.
The financial losses can be large.
Fines for breaching data protection laws can be heavy.
The reputational damage caused by a data breach can be monumental.
BROUGHT TO YOU BY
Financial crime data
Verizon, Symantec, Ultrascan, Nilson Report, BDO, Anti Phishing Working Group,
Tax Justice Network, Terrorism Research Initiative, US Bureau of Justice
World Bank, NASA, CDC, Bloomberg, Forbes, BBC