Our current society runs on data. Everything, from the business deals we make (email & chat conversations, electronic documents, and so on) to what we post on social media, is stored on a server somewhere. Plus, with healthcare and governmental institutions getting digitalized, even personal individual information are in data format.
As a result, data is the new type of currency that attracts cybercriminals. This resulted in various cyber attacks, data leaks, and an alarming increase in identity theft cases in the last few years. Furthermore, security specialists warn us that it’s only going to get worse if companies, organizations, and individuals don’t take responsibility for their actions online and pay more attention to cybersecurity.
Loss of sensitive data can, and usually does, have a long-lasting effect with larger-than-imagined implications. So, if you’re still pondering your actions, here are a few reasons why safeguarding against identity theft should be on anyone’s list of priorities.
#1: Financial Losses
The financial aspect is the first that comes to mind when thinking about ID theft victims. When someone else assumes your identity, they may commit all sorts of acts while using your name, but they will almost always attempt to empty your accounts, get credits in your name, or buy stuff on your account.
Depending on the type of data the thieves managed to extract and their intentions, the victim may be kept in the dark for months about their actions. However, discovering that you’re a victim of ID theft doesn’t put an end to the hardships, especially from a financial point of view.
The recovery process is usually bumpy and challenging. It can also last for years. Here are a few of the steps a victim might have to go through:
- Close compromised bank accounts and get new credit cards
- Play detective with your financial activity while trying to prove to authorities you were not the one to initiate certain orders, credit card requests, and more
- Work to restore your good credit
- Try to fix the damage an ID theft may have inflicted using your Social Security number
- Lengthy and exhausting discussions with the IRS if the ID thieves applied for a tax refund. Plus, the IRS may think you are under-reporting based on the data they receive from the person using your ID.
- Prove you didn’t rent/bought/sold real estate property and trying to recover the damage.
#2: Loss of Reputation
Every person, company, and institution works hard to build a reliable reputation with their peers and loved ones. However, if you get caught in a case of identity theft, all the work you’ve invested in building your reputation could be blown to bits.
If the thieves have access to your social media accounts, they can post all sorts of damaging content. Plus, if they gain access to your main email account, they will start sending shading emails, in an attempt to extort family and friends or trick business partners into wiring money to their accounts. Lastly, an ID thief can damage your reputation at work or with clients with a few well-targeted emails and social media posts.
Therefore, ID theft can ruin your personal and your professional life in just a few moves.
#3: Emotional & Physical Toll
ID theft is a crime difficult to identify and prove. Plus, the authorities are not always equipped to deal with this sort of situation which is why a clever thief can easily get away with their actions and move on to the next victim.
On the other hand, the victim is left to deal with the whole mess and may spend years trying to dissociate themselves from their ID thief. A 2016 IRTC survey showed that identity theft takes an emotional and physical toll on its victims.
People feel less safe in their own lives and start to fear their financial and professional stability. Plus, the fact that they may be held responsible for another person’s actions increases their stress and anxiety. As a result, they can’t focus at work, have sleep issues, and even get physically ill.
Key Takeaways
Despite all these facts and the constant warnings from cybersecurity specialists, people still don’t pay enough attention to cybersecurity. Also, companies who do invest in the latest solutions and equipment still have to deal with the human factor, which is the weakest link when it comes to cybersecurity.
Overall, we need to invest more in cybersecurity training and we need to focus more on young and senior internet users (the most vulnerable age groups for cyber-attacks).
