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Data Protection Concerns High Among Top Executives

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The number of corporate data breaches resulting in the theft of client identity information and the financial cost of these breaches is rising, according to a report by the Ponemon Institute. The report states that the cost of data breaches has increased over 30 percent and each of the 31 incidents studied cost between $1 million to $22 million.

The report also cites the fact that data security now outranks terrorism, corporate malfeasance, product recalls, and workplace violence as company executives' biggest worry, according to an online poll by Harris Interactive.

Senator Dianne Feinstein (D-Calif.) plans to reintroduce two acts of legislation that would aid in the prevention of data theft and recovery. One of the proposed bills, Social Security Misuse Prevention Act, would protect Social Security numbers by making it illegal to sell or display a Social Security number to the general public without consent, and would also prohibit the display of Social Security numbers on public documents posted on the Internet. The other bill would require national disclosure of a data breach.

Both laws would help to encourage more secure destruction; however, they still need to provide more direction related to secure destruction of discarded information.

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