Cyber Crime Continues to Rise

If you’ve picked up a newspaper or watched the news on television over the last five years, you’re probably aware that identity theft is one of the fastest rising crimes in the United States. It was probably bound to happen, as more and more of our lives, including our financial transactions, are done digitally, criminals have followed close behind, and cyber crime is increasing dramatically. So you knew that, but did you know that identity theft now costs Americans nearly twice as much as property theft? In a recent report the U.S. Bureau of Justice statistics found that total losses attributed to identity theft in 2012 were $24.6 billion, compared to $13.9 billion for property theft crimes. One would imagine that those numbers are only going to rise over the next decade.

Cyber Crime – is there an End in Sight?

There are plenty of studies that show that the crime rate is falling in the U.S., but many of those studies can be construed as inaccurate, as there still isn’t a great way of measuring cyber crime. An article from last year in phys.org had the following two quotes:

“Crime reporting has to be updated for the cyber-era,” said researcher and dean of the UAlbany School of Criminal Justice Alan Lizotte. “Property crime that remains underreported because it’s online crime shapes our response to it, particularly the response of law enforcement—what’s hidden stays hidden, yet continues to be a real, growing threat.”

“Recent data breaches targeting major US retailers and, more disturbingly perhaps, health-care providers, are evidence that we’ve reached a new frontier in criminal behavior,” said UAlbany criminal justice school researcher Giza Lopes. “Crime control is far from keeping up—a deficit that spans from inadequate measurement to jurisdictional inability to deal with a problem that spills over physical and national boundaries.”

Clearly cyber crime is on the rise and the ways to keep track of it haven’t quite caught up yet. What this means for organizations however, is that it’s pretty obvious that the need for data security is more important than ever. Maxxum’s recent research study revealed that over 40 percent of companies sometimes use disposal methods outside of a professional technology disposal service—including equipment donations and giving equipment to employees.

There’s certainly nothing wrong with donating or gifting old technology, but we can’t stress enough how important it is to have that technology wiped clean of information beforehand. Simply deleting material isn’t nearly enough. Drives need to be sanitized and wiped clean to insure that your sensitive information isn’t leaving your building in your old technology assets.

Organizations should make sure they receive documented transfer of custody and indemnification from their technology asset disposal company (we’ve outlined a few other key things to expect from a technology asset disposal company for reference here).

At Maxxum, we’re committed to smart, strategic partnerships with our clients. We stay up-to-date on laws and regulations regarding data privacy and environmental responsibility. We develop and support industry best practices in compliance, remarketing, recycling and reporting.