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Data protection

3 consequences of identity theft

Many people don’t understand the importance of keeping their personal information safe and not giving it away so easily to other people. The consequences of identity theft can be severe. Here are some of the devastating consequences.

Financial effect

The financial effect is the primary consequence of identity theft. If your personal details including bank details and social security number are stolen, then a third party may access your bank accounts and take money out of it. Your credit score will be affected. Your investments and mortgages may also be affected. It might take several months or even years to fix everything.

Emotional consequence

You will feel anger at first and then stressed. Identity theft can not only result in financial losses, but the third party can also perform criminal activities using your name. So, you may be arrested for someone else’s fault. All these can create emotional stress.

Social problem

Your reputation may be at stake due to identity theft. The other person may be using your name on social networks and sending bad messages to people you know. So, you may lose friends as well. Your job may be at risk today.

Though the data protection law exists, the incidents of identity thefts are still on the rise. You should be careful when sharing your information with others. You shouldn’t give away your bank details or social security number so easily. You should protect your personal information and reduce the chance of identity theft.

3 reasons why data protection is so important

The year 2017 had been a bad year in terms of security breaches. There had been cyber attacks on various organizations in May last year. These are all wakeup calls, warning us that our data needs to be protected. Here are the reasons why data needs to be protected.

To prevent third parties from accessing it

Some key information is stored by businesses in the form of employee records, loyalty schemes, customer details, etc. These include name, address, phone number, email, bank details, health information, etc. These are important and sensitive data and needs to be protected from third parties. This information can be used for identity theft, phishing scams or other types of fraudulent activities.

It is the law

According to the Data Protection Act, businesses, organizations and the government need to abide by certain laws. They must use people’s data in a specified way and not store it longer than it is necessary. The data must b kept secure and safe. If anyone violates the data protection law then they may be fined a million dollars.

For freedom of choice

A person has the freedom of thought and speech. If there is a watchful eye on everything that you are browsing on the Internet or on your personal details, then the privacy is hampered. No one has the right to interfere with a person’s privacy.

It is estimated that by 2020, the volume of data will grow by about 50%. Stricter methods of data protection should be present so that people’s privacy is not breached and their personal data is protected.