Data value management firm, DQM Group, has found that as many as 1 in 6 Britons has suffered data fraud in the last twelve months. The highest risk category is young male professionals living in London.
But what is bad for the public is equally bad for business. As well as the bad PR there are also the possibility of fines for data losses [and more bad PR], cost of resolving cases and brand damage in terms of a customer’s relations with a previously trusted supplier.
The FSA fined Nationwide Building Society nearly £1m for lax data security standards but the knock-on effect on brand and lost business is incalculable and hard to make good.
When done well, data security is something customers won’t notice; when done badly, all hell breaks lose.
The key to success in this area is to understand that data is rarely lost and falls into the wrong hands; it is just stolen - as simple as that.
Having processes and procedures in place is not enough, these must be regularly audited to ensure DPA compliance as well as robustness and currency.
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