Data Breaches Have Lasting Effects on Companies

  • Identity Fraud, Security

Woman Filming on Phone in Crowd
Sony Pictures Entertainment is proof that companies have to deal with the effects of a data breach long after the breach occurs. According to Variety, Sony settled with 10 former employees that filed class action lawsuits at the end of 2014. The former employees were concerned that their identities and personal information were captured as a result of the attack.

 

In the settlement, Sony has to provide identity theft protection for two more years, cash payments and loss reimbursement. Sony shows companies that whether they are a large billion-dollar company or a small business, it is essential to protect and safeguard customer, employee and employer data.

Three tools that can assist global companies in safeguarding include:

International ID Verification—the Internet can make any business from a small store to a Fortune 500 company readily available to consumers across the world. International ID Verification processes international transactions, confirms international IDs and more. It is a simple and effective tool, the user only has to input the information and then it is verified.

Multi-Source Identity Verification—UK money laundering regulations and other legislation complicates when a customer is not physically there to identify him or herself for a transaction. Businesses that have to abide under the legislation can utilize the tool to meet the laws, guidelines or requirements.

International Age Verification—this tool can confirm international travel, transfer funds internationally, process transactions and more. The ID verification validates if a person is real and that they are who they claim to be. Various businesses can benefit from the tool, which include financial based companies to those that need age verification like a winery in Tuscany or a cigar store in Cuba.

All of these tools can help companies that conduct business globally ensure that their customer is who he or she claims to be. In doing this, companies are protecting their customers, employees, reputation and more. When companies are proactively securing their data they can avoid being a headline and the negative financial result of a data breach.