Data security represents both a new global market opportunity to improve insurance coverage and a new risk, especially for independent insurance agencies that may not comply with data security laws to protect their own companies from breaches. of data.
Data breach is one of the hot “white collar criminals” probably for the last four years. A lot of legislation has been passed and data security breaches have become a common exposure, so customers are a bit more aware that a breach could happen compared to previous ones. With the rise of business over the Internet and the presence of Wi-Fi (wireless Internet access), it’s nearly impossible to protect all of that information. In other words, while electronic evidence can be dynamite, the informal nature of email can expose critical evidence.
Encryption can be one of the most widely used methods of protecting data stored on file servers, virtual private networks (VPNs), and databases. Encryption helps reduce the likelihood of business data loss or data breach incidents. Often, data security breaches are the result of not having proper procedures in place to prevent employee mischief. The company discovered that the information technology people at their company who do the work do not have security background checks, but are given access to the systems. Thus, we found that many security breaches are carried out by insiders that should have been prevented.
Some of the renowned data breach protection companies provide fully managed data breach, risk assessment, forensic investigation and victim identity restoration solutions for corporations, financial institutions and government agencies. They have protected millions of people from identity theft and are the authors of the Identity Crime Victims Bill of Rights.
Any organization that fails to achieve full compliance and suffers a data breach could face substantial imputed and unnecessary costs, class action litigation, and enforcement actions by state or federal authorities. Companies that take proactive steps by drawing on resources with deep experience in privacy, compliance, and breach response help minimize the risk of a security incident and the associated costs. Regulations aside, a data breach can damage an organization’s credibility and can carry enormous medical and financial risks for the people whose data is lost.
The Breach Prevention Program could help organizations review all aspects of PHI security and data breach preparedness, including but not limited to:
o Patented Risk Self-Assessment: A powerful analytical tool that helps pinpoint existing data risk hotspots and determine how well-protected exposures are at current security levels.
o Privacy awareness training courseware helps organizations meet continuing education requirements for their employees who must and are handling sensitive personal information.
o The Incident Response Plan is designed for facility decision makers in the process of identifying roles/responsibilities and organizing policies/procedures to respond to a data breach.
o Legislative updates ensure that customers are kept up to date on data breach notification and related privacy regulations.
Sometimes forensic accountants can be at risk of unknowingly violating privacy and confidentiality laws while investigating issues ranging from fraud to insolvency that they need to access corporate information. Forensic accountants analyzing electronically stored personal information could be breaking data protection regulations, according to some identity breach experts. Therefore, the first and foremost importance is the precaution of consulting with legal counsel. Consult with the company’s legal counsel and a local attorney about state and federal laws before starting a financial crimes investigation.
All of these are necessary when it is required to take certain investigative measures that may violate the labor rights of workers or the constitutional rights of individuals. There are also special procedures for the collection and handling of evidence of financial crimes. This is a very complex area of crime fighting where an investigation can easily fail, exposing you and the organization to greater harm than existed before the investigation began. Therefore, a forensic accountant must avoid breaking the rules while investigating crime cases found to be breaking some rules.
