Back to Back Issues Page
Is Business Identity Theft The Next Battleground?
May 30, 2014
Hello Everyone,

Some experts think that due to the increasing number of sophisticated and successful cyber attacks on business targets with devastating consequences that business identity theft is the next battleground for identity risk managers. I read on Forbes online that 75% of a business value is derived from its brand value. Therefore, a brand damage can result in business losses, but, what does a brand have to do with identity theft you might ask and how can it be damaged? Brand identity theft is a real multifaceted threat and the actual losses incurred from brand damage depends largely on the brand value.

Although fraud has steadily increased overtime especially since the introduction of the Internet, technology is neither fully culpable for the increasing crime nor our savior from identity theft. First, criminals use recognized brands to get loans and extract information from loyal customers. Although technology is useful for efficiently managing business operations and monitoring account activities to detect fraud, human error and contribution to rising fraud should not be underestimated.

And second, even though technology advancement has improved our lives, it has also enabled large scale criminal acts. Globally recognized brand name websites, digital intellectual properties, and mobile apps are attacked constantly from all corners of our planet. Criminals introduce malware in a variety of ways to install spyware such as key loggers to capture a computer user’s keyboard strokes, or, use stolen logos, as well as fake ads, websites and online forms to steal personal information from consumers who unknowingly share information with criminal because they trust the brand.

Businesses have to consider the takeover of their corporate identities a serious threat. If a business cares about the future and value of its brand investment, it must secure its systems and monitor its brands to detect abuse. As soon as brand abuse is detected, all available resources must be deployed and options considered to protect the brand and limit business losses which may unfortunately be permanent in some cases.

Thank You and Be Identity Safe,

Henry Bagdasarian

Featured Articles

Workplace Identity Theft Solutions Companies should have a backup plan as part of their workplace identity theft solutions to prevent identity theft knowing that data breach incidents are inevitable.

Smartphone Theft Statistics This article outlines some important smartphone theft statistics which must be taken into consideration by cell phone owners who are concerned about their phone security.

Chip and PIN Credit Cards All credit cards will convert from swipe-and-sign to chip and PIN in the US by October 2015 which other major credit card countries have used for years.

Back to Back Issues Page