Effective November 1st, 2008, you and your company are responsible to take serious steps to help prevent Identity Theft from occurring, even if Identity theft hasn’t happened to you or your company. This applies to every enterprise, government agency (including education), public company and even private companies who work remotely, process consumer credit information or what is deemed sensitive data. This is due to the FFIEC guidelines, the Red Flags mandate and SOX audits.
These and other regulations focus on risk mitigation to protect data and authenticate access into a company’s data systems, especially when working remotely and over the Internet.
At the least it is recommended that companies encrypt all stored sensitive data and utilize a “two-factor” authentication method rather than simple name and password access control.
Two-factor authentication systems require a user to:
1. Know something (like a username and password)
2. Something you have, such as a key fob with a changing number, or an “out of band” service that calls you to confirm who you are at log in.
These risk mitigation solutions work behind the scenes and are most effective with an integrated product that increases the level of security.
This approach provides a cost effective Return On Investment.
The FDIC reports that Identity Theft is costing us Billions of Dollars. The Federal Government increased its budget in 2008 for Cyber solutions 10 fold from $1.7B to $17B. A Symantec report published late in 2006 noted that 90% of Web applications are vulnerable to Identity Theft attacks. There are articles in the media and segments on CNN showing how easy it is to steal ones username and password. They also show how information is then sold into the market, which is led by some very serious, well financed organizations that don’t follow any rules and regulations.
ITCSNY provides two-factor “Out-of-Band” authentication platform known as ProtectID™. The product is already integrated with Oracle and CA products.
For more information or to see a demonstration call today
212-242-2949 and ask for Maureen.
