Sunday, July 10, 2005

Data Theft: How to Fix the Mess

Indentity Theft: How to Fix the Mess - New York Times business section story by Joseph Nocera which outlines how to completely resolve the issue of identity theft and data security by making those businesses holding credit and financial information ENTIRELY responsible for abuse, loss, theft or leaks of that data.

EXACTLY my philosophy. Nocera argues that because the onus has been put on the consumer to fix the problem, nothing has happened to fix the problem. All that consumers can do is complain to the source of the leak or theft or loss - then spend years cleaning up the identity theft mess left by cavalier treatment of their financial information by those holding it. Data aggregators, credit bureaus and financial institutions are all making it too easy for us to become victims of theft or loss by holding little regard for security of that information.

The UPS loss of CitiFinancial backup tapes last week is a prime example of lack of security and complete carelessness with which companies treat our sensitive data.

If businesses handling, storing, transporting and accessing sensitive financial and personal data were held ENTIRELY responsible for any losses incurred. They would find a way to protect that data against loss, abuse or theft. Nocera suggests that if businesses - NOT CONSUMERS - are made responsible for all losses, then losses will stop, period.

I agree.

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posted by RealitySEO at 7:04 AM


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