Emerging Risk

risk management

Emerging risk within the identity management scope includes data breach, identity theft, non-compliance with regulations, fraud, ransomware, Denial of Service attacks, and unauthorized access to name a few. It is reported by US government estimates that about 10 million consumers are affected by identity theft each year which cost businesses 50 billion US dollars in fraud losses. The root cause of this epidemic can be partly attributed to the fact that we have become an identity obese society as we continue to acquire and share our personal information excessively. We collectively lack the full understanding of the risks, best practices to address the risks, and our legal obligations for protecting the personal information of our employees, employers and clients. Businesses management as well as their employees and customers are disconnected from one another and lack the full understanding of their rights and obligations, thus creating challenges that affect everyone in terms of their privacy, credit worthiness, quality of life, credibility, and financial as well as emotional positions.