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.

 

What is data protection

 

Data, data, everywhere

 

DATA VALUE

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.

Icons showing worlds most valuable brands by region, and their dollar figure value.

 

USER VALUE

Businesses also increasingly depend on consumer data to operate. How much is a user worth to these tech giants?

 

Graph depicting value of a user to 5 major tech companies

 

KEEPING CHECK

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.

 

Graph showing number of fines given per year for failure to comply with regulations.

 

KEEPING OUT

The problem is, all this data is not only valuable to businesses.

It also attracts fraudsters hoping to commit:

Icons show identity theft, insurance fraud, money laundering and market abuse.

 

 

In the eyes of the law

 

GROUND RULES

Data protection laws rule that businesses must take responsibility for protecting their consumer data.

 

Icons showing all the areas that businesses are responsible for protecting.

 

WORK TO DO

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.

 

Graph showing percentage of businesses ahead and behind the curve in specific regions

 

 

Triple threat

 

BREAKING THE BANK

The financial losses can be large.

 

Graph showing percentage of businesses that experience loss, broken into financial brackets

 

PAYING THE PENALTY

Fines for breaching data protection laws can be heavy.

 

Icons showing maximum fine in local currency, and in US dollars, per country.

 

LOSING TOUCH

The reputational damage caused by a data breach can be monumental.

 

Icon showing 73% of UK consumers would reconsider using a company if it failed to keep data safe.

 

 

Take advantage

 

Hidden benefits of data protection

 

 

Read more about how criminals can exploit your digital footprint – and what you can do to prevent it.

 

BROUGHT TO YOU BY

 

HSBC logo

 

Sources

Financial crime data
Verizon, Symantec, Ultrascan, Nilson Report, BDO, Anti Phishing Working Group,
Tax Justice Network, Terrorism Research Initiative, US Bureau of Justice

Supporting data
World Bank, NASA, CDC, Bloomberg, Forbes, BBC

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