Identity Theft: The Business Time Bomb

Most everyone has heard of identity theft (IDT), yet unless you have been a victim, few people consider that they are at high risk. An alarming figure is that over half of the 10 million new IDTs each year originate from a place of business, employer, or other entity (not-for-profit or local, state, or federal government).
All entities and certain individuals are required under one or more federal and state laws to implement measures, policies, procedures, and employee training on privacy and security of nonpublic personal information to bring IDT under control. Violations of these laws carry substantial penalties and open entities to legal risks.
What is identity theft? Simply and broadly stated, it is the misuse of personal or business identifiers by an imposter for their advantage, which may be financial, non-financial, or both.
Personal identifiers include name, date of birth, social security number, and others, including account and biometric information.
Business identifiers include the business name and Federal Tax ID, business indicia, account information, and the personal identifiers of management and employees, which can be used to authenticate a business identity.