The high prevalence of identity theft has made it a new business challenge. If sensitive personal information is stolen from a company, it not only impacts the individual concerned but the company as a whole. The company can be found negligent of how it secures this sensitive personal information.

Once a victim’s identity is stolen, it can be used for a wide variety of criminal activities, with one of the most popular being to obtain credit cards under the victim’s name and go on a spending spree. This then makes the victim responsible for the charges, unless he or she can successfully dispute them. In any event, the victim, the credit card company, and/or the merchant end up paying the final cost for fraudulent purchases.

Over the long run, an identity theft victim can be financially ruined, face criminal charges, or even have difficulty getting a job because of a bad reputation--all for something that he or she never did in the first place. Embittered, the victim may have grounds to sue the company from where the identity was stolen, holding it responsible. A company that is found to be negligent in securing the sensitive personal information of an employee or customer could potentially face a lawsuit, be investigated by the government, and/or be exposed to considerable bad press in the media. Some or all of these things could be enough to ruin an entire business.

Lionheart Assurance Solutions goes to great lengths to educate company executives and staff members about the ramifications of identity theft. They work with companies to help reduce the risk of data breaches leading to identity theft. They introduce a payroll deduction benefit. By enrolling, an employee can monitor their credit, obtain the services of a licensed fraud investigator for identity restoration, and have access to legal consultation. They also introduce an identity theft awareness program, which proactively educates all employees about the nature of identity theft. Finally, they make suggestions on how a company can create an ongoing information security program, talking about the roles that human resources, management and others who are exposed to personal information in the course of their work play in keeping data safeguarded.