Organizations and businesses processing and storing personal identification information are faced with the challenge of protecting this type of data from malicious attacks that could compromise their clients and their own business.
In order to efficiently secure this information and feel confident that your business is a safe, reliable establishment, you need to know what constitutes personal identification information, what businesses handle this type of information, what happens when it is compromised, and how you can secure it for your clients.
What is Personal Identification Information?
Personal identification information (PII) is information that can be used to directly identify an individual, and when used maliciously, can exploit the individual or commit identity theft.
Personal data that can be considered PII includes:
Full name
Date of birth
Signature
Contact information such as phone number, address, or email address
Job, position, company, HR information, salary information, hire date
Passport number
Driver’s license number
Social security number
Medical records
IT-related passwords and login names
What Types of Businesses Handle PII?
Many different types of companies and organizations handle personal identification information each and every day. Since these exchanges can happen both on paper as well as digitally through transactions, website log-ins, or other types of transfers, almost every type of business is in charge of protecting clients’ PII.
Financial services such as banks, credit unions, loans associations, investment companies, insurance companies, mortgage companies, and internet money services (Venmo, Paypal, etc.) deal with PII all the time. Financial services use PII in order to complete digital transactions, allow for quick and simple banking, process and approve loans, issue tax returns, and more.
Legal businesses including lawyers, courthouse offices, government offices, and tax offices also deal in PII. According to Cybersecurity firm Mandiant, an estimated 80 out of 100 of the biggest law firms in the country have been hacked since 2011. Legal services collect endless data on their clients and those involved in their legal cases, which includes addresses, social security numbers, driver’s license,s and other official I.D. numbers, and computer and device I.D.s.
Healthcare such as doctors’ offices, hospitals, dental offices, medical spas, and salons are also at risk for PII breaches. In 2018 healthcare ranked as the most vulnerable industry to cyber breaches at 48% of all cyber attacks. PII in the medical industry is called “PHI,” which stands for Personal Health Information. This information includes health records (both analog and virtual), health and medical history, lab results, and insurance information.
[Related: Time to Take Password Security Seriously]
What Happens When PII Is Compromised?
When personal identification is compromised through a cyber attack or security leak, it can expose the data (and the individual) to malicious manipulation. PII in the wrong hands can be used to make illegal and fraudulent transactions and ultimately lead to identity theft.
Exposing sensitive data to the public may also cause damage to the individual or business’s reputation. When services that promise user anonymity are compromised and individuals’ PII are exposed, both the customers and the company are at risk for a damaged reputation.
In 2019, approximately 14.4 million consumers became victims of identity fraud. If the wrong person gains access to a client’s personal identification information, they can exploit it to use for impersonation, ransomware, phishing, or even sell it on the black market.
On the other side of things, if you’re a small business owner whose company experienced the breach, not only is your business’ information compromised, but you’re going to have a hard time getting customers to trust that your business is secure and reliable.
Always immediately contact your customer base if a security breach happens, even if they aren’t directly involved. Reassure them with the steps you are taking to prevent further PII attacks in the future. Transparency and communication are key in keeping a solid reputation.
How Small Business Owners Can Protect Their Clients’ PII
Cloud Backups
Backing up customer PII on a cloud database gives you the advantage of instant access, connectivity, and large storage space. Cloud storage keeps things secure and is often thought of as the best place to store sensitive data since it removes the risk of hackers accessing PII on your own physical device.
Multi-Layer Security
Having a strong, multi-layer security system will greatly reduce the threat of PII theft. Bulking up your security with a managed firewall, network management, and regular network inspections and monitoring with the help of professionals such as CMIT can give you a great line of cyber defense.
Monitor Access Privileges
One way to decrease the threat of PII theft is to closely monitor who gains access to specific systems and data in your company. Limit user access privileges to what is absolutely necessary, and ensure that access is revoked for terminated employees as soon as possible.
Keep Anti-Virus Software Updated
Make sure all anti-virus software is up-to-date on your company’s computers so that they work smoothly and properly to protect from harmful bugs and cyber-threats.
Create a Disaster Recovery Plan
In order to avoid being blindsided by a PII breach, create a disaster recovery plan that not only addresses steps to take in the event of a natural disaster but also steps to take when you experience a cyber attack. Ensure that all of your employees are trained to know what to do following a breach, and how to best prevent it from happening on their end.
Find our tips and tricks for a successful disaster recovery plan here.
[Related: Why Data Protection is Paramount]
Contact CMIT Solutions Today
One of the best ways of preventing a breach in your clients’ personal identification information is to partner with an IT professional. CMIT Solutions of Richardson can assess your company’s cybersecurity risk and help you figure out a plan of action. We’ll implement multi-layered security, periodic inspections, and around-the-clock monitoring to make sure your clients’ data is safe and secure.
Interested in learning more? Contact CMIT Solutions of Richardson today to get started.
*Featured image via PxHere
