Friday, February 15, 2019

Does anyone actually know how consumers are affected by a data breach?

Does anyone actually know how consumers are affected by a data breach?If you take a peek into a recent newspaper, you’re likely to see the words ‘data breach’ flash across headlines. The conversation surrounding data privacy is becoming increasingly commonplace, yet surprisingly scarce in acknowledging the actual consequences or outcomes for affected consumers. Although we are able to speculate as to what might happen to consumers, we are usually left wondering what actually does.
This void in information results in our entire industry viewing only part of the problem, as we cannot understand the link between the efficacy of security measures and the level of harm caused to end-users. As a sector, we know very little regarding how hackers transform data breaches into financial gain for themselves. What can we do to solve this?
Tapping into the vast resources of law enforcement agencies, large banks, and major card providers. Through collaboration, they can offer financial forensics, fraud detection, and task forces that can help attribute breaches to thefts and fraud. Some would argue that investments and partnerships must be made to acquire such information, but enhancing awareness could be the match that lights the fire, illuminating the path towards global data accountability by consumers and businesses alike.
https://www.americanbanker.com/opinion/consumer-harm-from-data-breaches-is-a-black-box

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