Cybersecurity

Protect Me, Protect My Data

Companies that underestimate security threats to their records do so at their own peril. It can mean a loss of trust and of business

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By Dan Warmenhoven

June 8, 2006 at 4:00 AM UTC

This article is for subscribers only.

About a year ago, MasterCard revealed that data thieves had breached the systems of its credit card processor, CardSystems Solutions, gaining access to an estimated 40 million consumer records from MasterCard, Visa, and other credit card companies. If this were the only major breach last year, the story might have been forgotten. But the incident was far from isolated.

In the months surrounding that breach, data leaks were reported by dozens of other name-brand, well-respected companies including Bank of America (BAC), Boeing International (BA), ChoicePoint (CPS), LexisNexis, Time Warner (TWX), and Wachovia (WB). Now halfway through 2006, instances of data exposure have been reported by Blue Cross, FedEx (FDX), Hewlett-Packard (HPQ), Honeywell International (HON), Wells Fargo (WFC), and several more.