Overview

Each company data breach in Australia is estimated to cost the business involved $2.16 million – costing the economy as a whole $1.6 billion a year.

In 2014/15:

  • At least one data breach occurs every week in Australia, with an average of 20,073 records lost or stolen per incident
  • The Office of the Australian Information Commissioner reported the highest ever number of notified data breaches in Australia; 117
  • Identity theft UP 17%
  • 50% of all fraud happens online, with online fraud UP 33% on last year
  • 65% of Australians are worried that companies will leak their personal information
  • 79% of Australians believe organisations should notify them if their data is lost or stolen

Source: Veda Cybercrime and Fraud Report 2015, Veda, November 2015

Identity theft a large scale concern for big and small business alike

Online identity theft is growing as hackers becoming savvier. Companies are falling prey by unwittingly exposing themselves to data breaches just through day to day online business activities.

Employees are even sometimes, unknowingly, the weakest link by responding to seemingly legitimate emails or accidently breaching data. And it isn’t solely a big-business issue.

A data breach could be a single consumer having their identity compromised to involving the unauthorised access of hundreds, thousands and sometimes millions of records containing personal information.

This information can be sold to criminals who trade the information to the highest bidder.

Equifax gives you control to protect your information

Identity Watch works by constantly looking for information – such as credit and debit card numbers, phone numbers and email addresses – in places on the internet where this information is known to be illegally traded.

We then alert your staff if your staff or their company details have been compromised online before that data is used and the company’s bottom line and reputation is devastated.

Corporate subscribers to Identity Watch may wish to include Identity Watch in offers to employees, customers, or to enrich their security measures in the event of a data breach.

Solutions for business to protect reputation online

Identity Watch forms part of a suite of business identity and fraud measures to not only protect against, but also intervene before damage is done and recover from online fraud.