Business Closures and Information Loss: An Unforeseen Impact of the Economic Meltdown

May 14, 2009

As retailers shut down and liquidate their point of sale systems, guess what else they’re selling?

Without question, 2008 was an eventful year for major financial institutions, with massive losses, questions of solvency and, ultimately, government bailouts now totaling over a trillion dollars. The corporate fire sales, downsizing and mergers now commonplace in the financial industry are a cause for not only serious concern about the health of our economy, but also concerns relating to the security of personal and financial data. With companies being sold and mergers taking place, and on such tight deadlines, mistakes regarding the confidentiality and privacy of the data are likely being made every day. Significant risk is increasing for personally identifiable information entrusted to these firms.

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